UTI Bank is set to finalise its plans for a preferential allotment of 15-20 per cent of its stake in its forthcoming board meeting on December 13.
The bank has appointed Salomon Smith Barney (SSB) as its investment banker to raise additional equity through the preferential issue.
SSB had received expression of interest from six suitors including Chrysalis Capital, JP Morgan, Development Bank of Singapore (DBS).
A Citibank fund is also believed to be in the race for the UTI Bank pie but this however could not be confirmed.
Sources said that the preferential allotment by the bank will placed with two or more funds. The bank is looking at placing the stake at around Rs 50 per share which will rake in around Rs 190-200 crore for the bank. UTI
