UTI completes GDR

Indian bank takes advantage of soaring share price to boost capital.

UTI Bank priced a 40.49 million unit GDR deal after Tuesday's close raising $230 million pre greenshoe via Citigroup and Merrill Lynch. The all new share deal was priced at $5.91 per unit, representing parity pricing to the bank's closing share price of Rs256.65 on the National Stock Exchange.

The stock has massively outperformed the Indian market over the past year, having doubled from a low of Rs105.6 in early July 2004 and risen 38.26% year-to-date. Between the beginning of roadshows for the GDR and pricing, it rose 12%, although it went on to fall 4% the day after pricing yesterday.

The new deal is fairly dilutive...

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