uti-bank-raises-654-million-from-followon

UTI Bank raises $654 million from follow-on

About 60 investors participate in the combined QIP and GDR offering, while a concurrent preferential share sale allows the bank to reap more than $1 billion in total.

By Anette Jönsson

July 23, 2007

UTI Bank has raised the equivalent of $654 million from its follow-on offering of domestic shares and global depositary receipts GDRs, as the recapitalisation of the Indian banking sector continues.

Two-thirds of the total, or Rs17.5 billion $436 million, came from the domestic portion which was sold in the form of a qualified institutional placement QIP. The GDR sale raised $218.07 million. It was the first time an Indian follow-on offering has been done through a combined a QIP and GDR sale.

Having also completed a concurrent sale to its promoters through a preferred allotment, the private sector lender walks away from this fund raising exercise with a total of $1.05...

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