The Hongkong and Shanghai Banking Corporation has announced that its open offer for acquiring additional 20 per cent in UTI Bank at Rs 90 per share.

The offer for 4.61 crore (46.1 million) shares made by HSBC Asia Holdings UK Ltd along with HSBC will open on January 31 and close on March one, 2004, SBI Capital Markets Ltd, manager to the offer, informed the stock exchange.

The specified day for the offer was December 5, it added.

HSBC, on December two, inked an agreement with CDC Financial Services (Mauritius) Ltd and South Asia Regional Fund to acquire 20.08 per cent stake in the UTI promoted private sector bank for Rs 418 crore (Rs 4.18 billion).

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.

UTI Bank scrip today rose by Rs 2.4 on BSE to end the day at Rs 116.5 while on NSE, it went to a high of Rs 137 before closing at Rs 117.85 as against yesterday's close of Rs 115.