UTI Bank raises over $1 bn

MUMBAI: Private sector lender UTI Bank on Monday said it has raised 1.05 billion dollars (Rs 4,233 crore) through allotment of Global Depository Receipts (GDRs), issue of preferential shares and the private placement route to meet capital requirement and credit demand.

The bank has raised 218.07 million dollar through the issue of 14.13 million GDRs at 15.43 dollar each representing a discount of 1.7 per cent to the closing price of the Bank's GDR on July 20.

The GDRs would be listed on the London Stock Exchange.

Besides, the bank has raised Rs 1,752 crore through the issue of equity shares at Rs 620 each to Qualified Institutional investors.

Further, the private sector lender would allot 2.56 crore shares on preferential basis, to its promotes for the GDR and QIP offering.

Shares of UTI Bank were trading at Rs 635.95, down 2.04 per cent on BSE in afternoon trade.