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Monday 25 April, 2005

Merrill Lynch Int'l

Over-Allotment Option

Merrill Lynch International PLC
25 April 2005

Over-Allotment Option

25th April 2005

UTI Bank Limited (the 'Issuer') Offer of US$ 239,297,673 Global Depositary
Receipts ('GDRs') each representing 1 Share of Rs. 10 each of the Issuer
(Subject to an over-allotment option for up to 6,073,600 GDRs)

The Lead Managers (Merrill Lynch International, Citigroup Global Markets Limited
and ABN AMRO Rothschild) hereby irrevocably exercise the Lead Manager's Option
pursuant to the Subscription Agreement dated  15 March 2005 between UTI Bank
Limited and the Lead Managers (the 'Subscription Agreement') in respect of US$
17,734,137 principal amount of Option GDRs.  The aggregate number of Option GDRs
shall be 3,000,700 GDRs.  The Option Closing Date in respect of such Option GDRs
for the purposes of the Subscription Agreement shall be 25 April 2005.  The
aggregate principal amount of the GDRs will now be US$ 257,031,810.

Terms used and not otherwise defined in this announcement shall bear the same
meanings as are ascribed to such terms in the Subscription Agreement.

END


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