UTI AMC continues to push for IPO to offload stake

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UTI AMC Plans IPO

 

 

 

 

 

UTI Asset Management Company, the country’s fifth largest mutual fund manager, has proposed an initial public offering (IPO) plan to the government to provide an exit to its four state-run sponsors—State Bank of India (SBI), Life Insurance Corp. of India (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB).

At a meeting with the government late March 2016, the fund house proposed an IPO to divest at least 26% of the promoter stake, which will allow a partial exit of the four sponsors in equal proportion.

At present, each of the four state-run sponsors holds an 18.5% stake in the paid-up capital of UTI Asset Management, while the rest is held by T. Rowe Price International Ltd.

“UTI has proposed an IPO of at least 26% promoter stake, which could include partly primary market stake sale and partly secondary market sale. The government has to approve the proposal for enabling UTI Asset Management Co. to go public, which would eventually provide an exit to the four sponsors,” as per reports.

UTI Asset Management, which managed assets worth an average Rs.1.06 trillion in the December quarter, has been toying with the idea of an IPO for the past seven years in order to provide an exit to the four sponsors, which run their own asset management businesses separately.  UTI Asset Management Co. had average assets under management of Rs.92,730.23 crore across its mutual fund schemes during the April-June quarter of 2015-16.

A Securities and Exchange Board of India (Sebi) norm does not allow the sponsor of one asset management company to be associated with the sponsors or promoters of another.

Considering the brand UTI, an IPO by the UTI AMC will most likely get a strong response, said Prithvi Haldea, the chairman and managing director of Prime Database, a Delhi-based primary market analytics firm.

I am market making in shares of UTI AMC (UTI AMC). Please contact me to buy/sell shares of the UTI AMC or any other shares or for more details and updates on 08108234400 or email on buysellunlistedshares@gmail.com

Source:

http://www.livemint.com/Companies/lv14aiFTf7Lr2vh2x6b9nO/UTI-AMC-continues-to-push-for-IPO-plans-to-offload-26-stak.html

 

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UTI Asset Management Company (UTI AMC) Pre-IPO investment opportunity

uti amc The state-owned UTI Asset Management Company (UTI AMC) is the fifth largest mutual fund player in a highly competitive market with over Rs one lakh crore of assets under management.

The company has once again sought approval from the ministry of finance to list its shares by bringing out an an IPO.

I am market making in shares of UTI AMC (UTI AMC). Please contact me to buy/sell shares of the exchange or any other shares or for more details and updates on 08108234400 or email on buysellunlistedshares@gmail.com

UTI AMC, which runs the country’s oldest fund house UTI MF, had earlier also planned to launch an IPO, but it had to shelve its plans way back in 2008 due to adverse market conditions, despite having got all regulatory clearances.

UTI AMC enjoys a huge recognition in the public by virtue of having the largest number of unitholders.