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Mumbai, Nov. 10

UTI Bank Ltd has said that it raised $46 million as capital through issuance of hybrid tier I bonds in the international markets as part of its medium term note programme for € 1 billion. The transaction is priced at 7.16 per cent as on November 8.

UTI said it is the only bank in India to have raised capital through both hybrid tier-I and upper tier-II instruments in foreign currency. The bank had earlier raised $150 million by issuing upper tier II bonds in August 2006. Barclays Capital was the lead manager to the issue.

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