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HSBC offer to open on January 31

Mumbai, Dec. 4 (PTI): The Hongkong and Shanghai Banking Corporation (HSBC) today announced its open offer for acquiring an additional 20 per cent in UTI Bank at Rs 90 per share.

The offer for 4.61 crore shares made by HSBC Asia Holdings UK Ltd along with HSBC will open on January 31 and close on March 1 next year, SBI Capital Markets Ltd, manager to the offer, informed the stock exchange here. The specified day for the offer was December 5.

HSBC had already inked an agreement with CDC Financial Services (Mauritius) Ltd and South Asia Regional Fund to acquire 20.08 per cent in UTI Bank for Rs 418 crore.

However, promoters UTI and co-promoters Life Insurance Corporation and General Insurance Corporation and its subsidiaries have already decided to stay away from participating in this offer at Rs 90 per share as it was much below the prevailing market price.

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