Saturday June 2, 02:30 AM
UTI Bank to raise resources
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By Banking Bureau
UTI Bank on Friday has decided to issue up to 42.4 million shares through depositary receipts and convertible securities for Tier 1 capital. It will also offer the founders 31.9 million shares on preferential allotment basis. The private sector bank has also decided to raise its authorised share capital to Rs 500 crore from Rs 300 crore. UTI Bank Ltd has informed BSE that the members at the annual general meeting (AGM) of the bank held on Friday, have passed resolutions to re-appoint Surendra Singh, RH Patil and Rama Bijapurkar who retired by rotation. The AGM also revises the remuneration payable to PJ Nayak as CMwith effect from April 01, 2007. The AGM changed the name of the Bank from UTI Bank Ltd to Axis Bank Ltd and decided to alter the Articles of Association in respect of appointment of whole-time chairman of the bank.
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