The seven promoters of the bank includes administrator of the Specified Undertaking of Unit Trust of India (SUUTI), LIC , General Insurance Corp (GIC), New India Assurance Co, National Insurance Co, United India Insurance Co and Oriental Insurance Co.

Shares of UTI Bank which will be as ''Axis Bank'' closed at Rs577.90, up 0.3 per cent on the Bombay Stock Exchange.

The board of directors of UTI Bank have already accorded their approval to the proposal which sought to offer the promoters 3,19,25,561 shares on preferential allotment basis, if they so desired.

SUUTI, which owns 27.43 per cent stake in the bank, will be offered up to 2.03 crore equity shares of a face value of Rs10 each while state-run life insurer LIC owning 10.38 per cent can stake claim for up to 76.88 lakh shares.

Others like GIC, New India Assurance, National Insurance, United India and Oriental Insurance will be offered Up to 39.2 lakh shares together.

UTI Bank Ltd has informed the Bombay Stock Exchange in a communique that its shareholders will take decision to this effect in their extra ordinary general meeting (EGM) to be held on June 25.

The preferential allotment would be made at a price not below the share price in accordance with the Securities and Exchange Board of India (disclosure and investor protection) guidelines, it added.

Besides, shareholders of the bank will consider a proposal to raise Tier 1 capital by way of issue of equity shares up to 4,23,97,400 through various routes, including public offer.

The bank is also planning to hike its authorised share capital to Rs500 crore, from an existing Rs300 crore by creation of 20 crore equity shares of Rs10 each.