Foreign funds' interest boosts UTI Bank

DALAL STREET SPIKES

A big block deal of 89 lakh shares in the morning trade spurted UTI Bank counter which gained nearly 3.38 per cent.

The stock finally closed at Rs 146.75 with volumes accounting for more than 94.38 lakh shares at the BSE. The six-month average volume was 1.57 lakh shares on the counter on BSE.

According to an institutional dealer, the deal was struck between foreign institutional investors with Capital Research and Management and T Rowe Price International Inc buying these shares at Rs 140 per share.

According to market sources, today's gain was purely on back of a block deal which accounted for 3.82 per cent of the bank's paid-up capital, analyst said.

ChrysCapital LLC which held 88,30,540 shares in UTI Bank as of Dec 31, 2003, accounting for 3.82 per cent stake, has sold these shares as their one-year lock-in period was over, sources said.