Uti Bank Pref Issue To Raise Rs 164 Crore

UTI Bank today finalised a plan to raise Rs 164 crore through the placement of 16.66 per cent of its equity in a preferential issue to four investors: the Life Insurance Corporation of India, Chrysallis Capital, an equity fund of Citicorp and Karur Vysya Bank. The issue is priced at Rs 42.75 per share.

With this preferential issue, LIC, which already holds a 6.65 per cent stake in the bank, will increase its stake to 13.54 per cent. A Citicorp fund and Chrysallis will pick up 3.84 per cent each while Karur Vysya Bank will pick up 1 per cent equity in UTI Bank.

 

The bank