UTI Bank to raise Tier-I capital

UTI Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on June 01, 2007, has taken the following decisions:

1. To raise Tier-I capital of the Bank by way of issue of equity shares not exceeding 4,23,97,400 equity shares and / or equity shares through depositary receipts and / or securities convertible into equity shares at the option of the holder(s) of such securities, and / or securities linked to equity shares and / or any instruments or securities representing either equity shares and / or convertible securities linked to equity shares.

2. To offer to the Promoters to subscribe 3,19,25,561 shares on preferential allotment basis if they so desire.

3. To increase the authorized share capital of the Bank from Rs 300 crores to Rs 500 crores.

4. To alter the Memorandum and Articles of Association of the Bank to give effect to the increase in the authorized share capital.

5. To convene an Extraordinary General Meeting of the shareholders of the Bank on June 25, 2007 for the above purpose.

Source : Equity Bulls

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