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UTI Bank plans to raise fresh capital

Our Bureau

VISAKHAPATNAM, Dec. 8

UTI Bank proposes to raise fresh capital to improve its capital adequacy position, according to the Chairman and Managing Director, Mr. P.J. Nayak. This would be finalised by mid-January 2001.

He told newspersons that the bank was considering the options of going in for a public-cum-rights issue, preferential allotments or tying up with a strategic partner. ``The fresh capital would be to the extent of 25 to 33 per cent of our total shares at present. The size of the fresh capital would depend on the pricing of our new offering and other factors,'' he said, adding that after this exercise the extent of public shareholding in the bank would move up from the present 30 per cent to 50 per cent.

According to him, the bank's deposits were expected to reach between Rs 9,000 crore and Rs 10,000 crore by the end of the current fiscal.