UTI TO DIVEST PART OF STAKE IN UTI BANK

Article Abstract:

The Unit Trust of India (UTI) proposes to sell 2 million equity shares of UTI Bank held by it. The shares will be sold at a premium of Rs11 per share, netting Rs42 crore. It is also coming out with a public issue of 15 million shares, worth Rs31.50 crore. The move follows the rules of the Reserve Bank of India that state that the promoter's holding should be reduced to 40 percent in a specified period of time. UTI's stake will fall to 61.54 percent from 87 percent after the issue. The UTI Bank has reported a 94 percent growth in its deposits at Rs2,730.55 crore from Rs1,408.66 crore. (ag)

Comment:

Plans a public issue of 15 mil shares, worth Rs31.50 crore

Asset sales & divestitures, Unit Trusts (Oil, etc), Other Financial Vehicles, Securities issued, listed, Unit investment trusts, Unit Trust of India, UTI Bank Ltd.

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ALPIC FINANCE TO SET UP LOCAL AREA BANK IN MAHARASHTRA

Article Abstract:

Alpic Finance Ltd (AFL) plans to set up Priyadarshini Local Area Bank Ltd, India's first local area bank in Maharashtra. The bank will offer services in three districts in Maharashtra. AFL and the promoters will invest Rs5 crore in the bank as equity. The bank plans to establish 25 branches in three years. It has targeted a turnover of Rs100 crore. The bank will commence operations by end of 1998. (ag)

Comment:

Plans to set up Priyadarshini Local Area Bank in India that will be the first local area bank in Maharashtra

Organizational history, Parent-to-subsidiary activities, Priyadarshini Local Area Bank Ltd., Alpic Finance Ltd.

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