UTI Bank scheduled to launch its $1 billion-plus equity issue

India based UTI Bank is all set to launch their $1 billion-plus equity issue next week. They are going to raise these funds through preferential issue to promoters and fresh issues to qualified institutional buyers and GDR investors.

The bank has announced that they have decided to have a uniform price for all issues. The issue is likely to be priced around Rs 650 per share.

UTI would be issuing 3.19 crore shares to promoters and they are expected to raise around Rs 2,075 crore from the preferential issue.

Unit Trust of India (SUUTI) and Life Insurance Corporation of India have already agreed to subscribe to this issue.

UTI would also issue another 4.23 crore shares and they are expected to raise around Rs 2,750 crore through the QIP and GDR route.