UTI bank board nod for GDR float

The board of directors of UTI Bank, which met today, has approved a proposal to raise further capital via GDRs.

According to a release issued to the BSE today, the maximum number of shares to be alloted via GDRs will not exceed 4.656 crore shares.

"It has been approved to convene an extra-ordinary general meeting of the shareholders of the bank on February 18, 2005," the release added.

No pricing details were mentioned in the release.