UTI AMC's Board clears IPO, listing by end-FY 08
UTI AMC on Wednesday said its Board has approved a proposal to sell 49 per cent stake through an Initial Public Offer by the end of this fiscal.
By PTI |
MUMBAI: Leading mutual fund player UTI AMC on Wednesday said its Board has approved a proposal to sell 49 per cent stake through an Initial Public Offer by the end of this fiscal.
"We have decided to go for an IPO and the shares will be listed by the end of this fiscal," UTI AMC Chairman U K Sinha told agencies here on Wednesday.
This will be the first-ever public offer by a mutual fund house in the country.
The four sponsor companies, State Bank of India, Punjab National Bank, LIC and Bank of Baroda, own 25 per cent stake each in UTI AMC. Post-IPO, their combined holding will come down to 51 per cent.
The decision to go for an IPO was taken by the company's Board at its meeting yesterday, Sinha said. The government had earlier cleared the IPO proposal.
The mutual fund house was formed after splitting the then UTI following a fiasco in its flagship scheme, US-64, in 2001.
The proceeds of the issue will be used to fuel the company's increasing business needs.
"We have decided to go for an IPO and the shares will be listed by the end of this fiscal," UTI AMC Chairman U K Sinha told agencies here on Wednesday.
This will be the first-ever public offer by a mutual fund house in the country.
The four sponsor companies, State Bank of India, Punjab National Bank, LIC and Bank of Baroda, own 25 per cent stake each in UTI AMC. Post-IPO, their combined holding will come down to 51 per cent.
The decision to go for an IPO was taken by the company's Board at its meeting yesterday, Sinha said. The government had earlier cleared the IPO proposal.
The mutual fund house was formed after splitting the then UTI following a fiasco in its flagship scheme, US-64, in 2001.
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The proceeds of the issue will be used to fuel the company's increasing business needs.
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