UTI Bank shareholders okay 1-bn issue

8220;We will follow the book-building process for both the GDR and QIP both domestic and overseas probably in the next week. The GDR will be listed on the London Stock Exchange while QIP will be listed on the BSE, the NSE and the Ahmedabad Stock Exchange,8221; said P J Nayak, chairman and managing director, UTI Bank.

The bank plans to change its name to Axis Bank after the issue gets over. 8220;We will start communication and advertising campaign for it,8221; he added.

The bank has decided to sell 4,23,97,400 equity shares, one-third of which will be offered through GDR and two third by way of QIPs. After the share sale, the bank will make a preferential offer of 1.19 crore shares to its promoters at a price to be determined by the GDR/QIP book-building process .