UTI Mutual
Fund gets approval from SEBI to launch IPO: Raise Rs. 3,000 crore
UTI AMC has received approval from
SEBI to launch an initial public offer (IPO).
Market sources said that the public
offer is expected to raise about Rs. 3,000 crore.
UTI AMC will be the third fund house
to get listed on BSE and NSE after HDFC AMC and Nippon India MF.
The UTI AMC’s IPO comprises sale of 3.90 crore equity shares by existing
shareholders, which includes SBI, LIC of India, Bank of Baroda (BoB), Punjab
National Bank (PNB) and T Rowe Price International. SBI, LIC of India, PNB and BoB hold 18.5% stake each in
UTI AMC. The US-based T Rowe Price holds 26% stake in the AMC.
SBI, LIC and BoB are planning to
sell 1.04 crore shares each.
PNB and T Rowe Price International
are planning to offload 38.03 lakh shares each.
In 2019 December, SEBI had asked
SBI, LIC of India and PNB to dilute their stakes to below 10% in UTI AMC by
December 2020.
Under SEBI's MF regulations, a shareholder
or a sponsor owning at least 10% stake
in an AMC is not allowed to have 10% or more stake in another mutual fund house
operating in India.
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