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Our Bureau

Mumbai, July 31

UTI Bank is planning to raise Rs 420 crore as hybrid tier-I capital and Rs 1,352 crore as upper tier-II capital, under its Medium Term Note programme, said the bank in a notice issued to BSE. Of the hybrid Tier-I capital, Rs 205.96 crore would be raised in foreign currency and Rs 21.43 crore in rupees in one or more tranches by way of bonds or debentures. Of the upper tier-II capital, the bank will raise Rs 700.54 crore in foreign currency and Rs 652.4 crore in rupee, said the notice. The capital raised will be used for overseas operations of the bank. The bank has branches in Sri Lanka and Singapore.

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UTI Bank to raise Rs 420 crore

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