UTI Bank to raise $50 m

Mumbai: UTI Bank is to raise $50 million through a 1-year syndicated foreign currency loan shortly. Recently State Bank of India and Bank of India had raised foreign currency loans.

The coupon rate of the loan is yet to be fixed, but is expected to be at 0.40-0.50 per cent six months LIBOR (1.79 per cent).

Alongside UTI Bank and Barclays are to act as arrangers for a $400 million foreign currency loan for National Hydroelectric Power Corporation.