SEBI allows UTI AMC to launch IPO
UTI AMC (Asset Management Company), which is the seventh largest asset management company in India, has been approved by Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).
After HDFC Mutual Fund and Nippon Life Asset Management, UTI AMC will be the third mutual fund house launching an IPO in the list of the Indian mutual fund industry.
The bankers have informed that the issue of Rs. 3.90 crore equity shares will put for sale by the current shareholders of the fund and is expected to rise about Rs. 3,000 crore and constitute 30.75 per cent of the post-offer paid-up capital of the fund house. The IPO is likely to be priced between Rs. 850 and Rs. 900 per share.
Public sector firms such as Bank of Baroda (BOB), Punjab National Bank (PNB), State Bank of India (SBI) and Life Insurance Corporation of India (LIC) each is holding their stake about 18 per cent in the asset manager whereas the remaining stake is holding by the US-based T Rowe Price.
However, among the existing investors, Bank of Baroda, State Bank of India and Life Insurance Corporation of India are looking to sell 10,459,949 shares each in UTI AMC. On the other hand, Punjab National Bank and T Rowe Price International will sell 3,803,617 shares each through an offer for sale. In addition, SBI Capital, Kotak Mahindra Capital, ICICI Securities, Citigroup, Axis Capital, JM Financial and DSP Merrill Lynch are the banker of the offer.
UTI AMC was founded on January 14, 2003 and is at the seventh position in the list of largest Asset Management Company in the country in terms of mutual fund house. The company is well known for its market services that also include comprising equity, income, hybrid, liquid, domestic mutual fund schemes and money market funds.
To Buy UTI AMC Shares, kindly visit at https://www.armssecurities.com/uti-amc-unlisted-shares/
