UTI Bank GDRs at 1.7% discount

UTI Bank announced that it has priced its offering of 14.13 million GDRs, aggregating $218.07 million.

Each GDR was priced at $15.43 and will be listed on the London Stock Exchange. This is 1.7% discount to the closing price of the bank's GDR on Friday, July 20.

The bank has also decided the issue price of the equity shares to be offered as a qualified institutional placement (QIP) to be Rs 620 per share.

The size of the QIP will be Rs 1,752 crores. The bank proposes to allot 2,56,21,076 shares to its promoters at Rs 620 per share on a preferential basis.

The date of settlement for all three offerings will be July 27.

Citigroup and Goldman Sachs acted as bookrunners for the GDR and QIP offering.