UTI Bank EGM approves raising Tier-I capital

UTI Bank Ltd has announced that the shareholders at the adjourned Extra Ordinary General Meeting (EGM) of the Bank held on July 13, 2007, have passed the following special resolutions:

1. Raising of Tier-I capital of the Bank by way of issue of equity shares not exceeding 4,23,97,400 equity and/or equity shares through global depository 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 of the Bank to subscribe upto 3,19,25,561 equity shares on preferential basis.

The Board of Directors of the Bank has decided that out of the approval of 4,23,97,400 equity shares given by the shareholders, the Bank proposes to raise capital by way of QIP Issue of 2,82,65,000 shares and by way of GDR issue for the remaining 1,41,32,400 shares.

The stock was trading at Rs.643, up by Rs.1.90 or 0.30%. The stock hit an intraday high of Rs.658.70 and low of Rs.636.10. The total traded quantity was 92193 compared to 2 week average of 224877.

Source : Equity Bulls

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