Goldman picks up 1.84% in UTI Bank

Goldman Sachs Mauritius today bought 1.84 per cent stake in UTI Bank for Rs 116.54 crore. It picked up over 50.26 lakh shares at Rs 231.85 each from T Rowe Price New Asia Fund in a block deal on the Bombay Stock Exchange (BSE).

"The bank has always been attractive to foreign institutional investors," said a banking analyst.

The scrip closed the day at Rs 234.8 on the BSE, reflecting a gain of 1.27 per cent against yesterday's close of Rs 231.85.

Total foreign holding in the bank stands at 45.69 per cent as on March 31, 2005.

Foreign institutional investors (FIIs) have about 18.4 per cent stake, while foreign direct investment (FDI) stands at 27.19 per cent, which includes the bank's global depository receipts (GDR) of $ 275 million and HSBC Asia Pacific Holdings UK's 12.4 per cent among others.

Non-resident Indians hold about 0.10 per cent. The Indian promoter holding in the bank stands at 44.51 per cent, which includes the Life Insurance Corporation of India's 10.67 per cent.

UTI Bank raised the GDR issue to support the bank's growth strategy and maintain a high capital adequacy ratio of 12.66 per cent.

The bank's net profit stood at Rs 334.58 crore even as the operating profit fell by 18.97 per cent to Rs 565.62 crore.