The Hindu Business Line : UTI Bank witnesses 2 block deals

UTI Bank witnessed two block deals, one each on the NSE and BSE, representing around 0.7 per cent of bank's stake. The deals were executed towards the end of the trading session on Monday. The total traded quantity in the counter on the BSE and NSE was around 19 lakh shares.

On the BSE, a deal worth around 11 lakh shares was struck at Rs 163 each at 3.17 pm. At the same time, a deal worth over 5.40 lakh shares was executed on the NSE at Rs 163.20. Some 89.25 per cent of the traded quantity was placed for delivery on the NSE. The stock closed at Rs 163 (Rs 161.45) on the BSE. The stock's 52-week high is Rs 179.30.

On March 16, 2004, its total number of shares increased by 4,10,854 shares to 23,15,80,570 after it allotted shares to the employees under ESOP. The stakeholding pattern as on December 31, 2003 was: promoters and persons acting in concert 54.10 per cent, FIIs 12.33 per cent (total foreign holding including GDR was 28.69 per cent) and public 9.83 per cent.

HSBC Asia Pacific Holdings (UK) along with HSBC (Hong Kong) had picked up 20.07 per cent stake in UTI Bank in December 2003. Since under the Banking Regulation Act, 1949, the acquirer is allowed only 10 per cent voting rights, the SEBI takeover norms were not triggered and the acquirer did not have to make an open offer for further 20 per cent stake.

According to Mr Ajay Jaiswal of Lohia Securities, the stock on the chart appeared on a sound footing. Mr Ketan Thacker of Anagram Stockbroking said that fundamentally the counter was attractive. At today's closing price, it traded at 14.8 times its trailing four-quarter earnings per share.

Among the recent developments noted by the market regarding the bank were its negotiations with the Union Ministries and five State Governments for salary and pension accounts, handling of tax collection and expenditure related payments.

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