UTI Bank was discounted by the market after the bank announced that it was privately placing shares at a price of just Rs 42.75 per share.
UTI Bank was prodded higher on Tuesday on reports that foreign funds are approaching the parent, UTI, for its 33.56% stake in the bank.
The UTI Bank board has found a way to retain P J Nayak at the helm by recommending his name as the executive chairman for two years from August 1, 2007. The bank's board made the proposal after a meeting.
UTI Bank Ltd allotted 900 equity shares at Rs 38.63 to two employees under an employee stock option plan.
The name of the country's third largest private sector lender UTI Bank has been officially changed to the Axis Bank Ltd with effect from Monday.
A former bureaucrat, Nayak moved to UTI Bank as a director in 1999.
UTI Bank Ltd plans to issue shares on a preferential basis to certain investors to raise Tier 1 capital.
UTI Bank has raised Rs 170 crore through issue of preferential equity to Life Insurance Corporation, CDC and three other investors at a price of Rs 42 per share in the last few months, P J Nayak, chairman, UTI Bank, said on Wednesday.
UTI Bank, the country's third largest private lender, on Monday said the board of directors have approved a proposal to change its name to Axis Bank.
UTI Bank, has opened its representative office in Shanghai, China, where it will primarily engage in facilitating and promoting trade-related services between the bank's branches in India and commercial entities in China. \n
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
UTI Bank and Andhra Bank have entered into an agreement for sharing ATMs in the country.
UTI Bank, the country's third largest private sector lender, will ramp up its workforce by adding 4,500 people to its present strength this fiscal as part of an aggressive expansion plan for its retail business.
UTI-I will not offload its holding in UTI Bank Ltd and instead be part of the UTI brand to exploit business synergies.
Life Insurance Corporation of India has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs in the country.
Actis has sold off its five per cent stake in UTI Bank to foreign institutional investors for Rs 130 per share.
Reserve Bank of India has turned down Hongkong and Shanghai Banking Corporation Ltd's plans to pick up about 20 per cent stake in UTI Bank by restricting its approval for acquisition of only 14.6 per cent stake
UTI Bank Ltd has posted a 45.02 per cent increase in its net profit at Rs 52.18 crore (Rs 521.8 million) for the first quarter ended June 2003 as against Rs 35.98 crore (Rs 359.8 million) for the corresponding quarter last fiscal.
UTI Bank has posted a 44.82 per cent rise in its net profit at Rs 278.31 crore (Rs 2.78 billion) for the financial year ended March 31, 2004 as against Rs 192.18 crore (Rs 1.92 billion) in 2002-03.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
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