two-more-indian-banks-launch-equity-deals

Two more Indian banks launch equity deals

UTI Bank and Central Bank could raise a combined $885 million and are expected to generate good demand owing to India's strong economic outlook.
Making good use of the recent strong run in the local market and the demand for Indian paper, two more Indian banks are currently on the road aiming to raise fresh funds to strengthen their balance sheets.

The offers from UTI Bank and Central Bank of India, which together could raise as much as $885 million, comes after ICICI Bank raised $4.6 billion from a combined follow-on of domestic shares and American depositary receipts last month. HDFC Bank was also due to price a well-received ADR offering of at least $600 million excluding the portion of about $300 million agreed to be taken up by its controlling shareholders after the US close last night.

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