UTI Bank raises $1.06 billion via GDR, preferential issue and private placement

Mumbai: Private sector lender UTI Bank has raised $1.05 billion (Rs4,233 crore) through a mix of global depository receipts (GDRs), preferential share issue and private placement to meet capital adequacy and credit demand.

UTI Bank has priced its offering of 14.13 million global depositary receipts, aggregating to $218.07 million at $15.43 each, a discount of 1.7 per cent to last week''s closing price of the bank''s scrip.

Each GDR, representing one underlying share, will be listed on the London Stock Exchange. The bank also set the issue price of the equity shares to qualified institutional placement at Rs620 per share. The size of the QIP is Rs1,752 crore.

The bank also allotted 2,56,21,076 shares to its promoters at Rs620 per share, aggregating to Rs1,588 crore, on a preferential basis. The date of settlement for all three offerings will be July 27.

Citi and Goldman Sachs acted as the joint bookrunners for the GDR and QIP offering.

Shares of UTI Bank were trading at Rs635.95, down 2.04 per cent on BSE in the afternoon trade.