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UTI Bank sold equity worth Rs 170 cr to LIC, 4 venture funds
New Delhi, Oct 08: UTI Bank has raised Rs 170 crore through issue of preferential equity to LIC, CDC and three other investors at a price of Rs 42 per share in the last few months, its chairman P J Nayak said today.
New Delhi, Oct 08: UTI Bank has raised Rs 170 crore through issue of preferential equity to LIC, CDC and three other investors at a price of Rs 42 per share in the last few months, its chairman P J Nayak said today.
"We have raised enough capital for the medium term requirement. Our capital adequacy ratio is now 10.9 and it will be maintained at 11 per cent," Nayak said on the sidelines of the launch of ATM sharing network 'mitr' here.
He said the bank has issued preferential equity to four private equity funds -- CDC, Citigroup Venture Capital, Chris Capital and Karur Vysya Bank.
While CDC's stake has come down to 20 per cent from 26 in the bank after the issue, Nayak said three other investors --Citi and Chris capital picked up 4.0 per cent each and Karur Vysya Bank bought 1.0 per cent in UTI Bank.
Life Insurance Corporation has increased its holding in UTI Bank to 13 per cent from 7-8 per cent in the last year.
Bureau Report
He said the bank has issued preferential equity to four private equity funds -- CDC, Citigroup Venture Capital, Chris Capital and Karur Vysya Bank.
While CDC's stake has come down to 20 per cent from 26 in the bank after the issue, Nayak said three other investors --Citi and Chris capital picked up 4.0 per cent each and Karur Vysya Bank bought 1.0 per cent in UTI Bank.
Life Insurance Corporation has increased its holding in UTI Bank to 13 per cent from 7-8 per cent in the last year.
Bureau Report