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.
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...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222