Aig Fund To Pick 5% In Uti Bank

AIG India Infrastructure Sectoral Fund, a private equity fund managed by AIG and IL&FS, is set to pick up about 5 per cent stake in UTI Bank at Rs 60 per share. The new-generation private bank's board is meeting on March 1 to pass a resolution placing up to Rs 60 crore worth of fully convertible debentures with the fund, which will be converted into shares by June 30, 2002.

Speaking to Business Standard, UTI Bank chairman PJ Nayak said: "The placement of the debentures will fulfil our immediate need for Tier-II capital.