UTI AMC to appoint merchant bankers by Nov-end
UTI Asset Management Company (AMC) would appoint merchant bankers by the end of November for valuation of the firm.
By PTI |
KOLKATA: After getting government approval for floating initial public offer (IPO), UTI Asset Management Company (AMC) would appoint merchant bankers by end of November for valuation of the firm.
Chairman and managing director of UTI AMC U K Sinha said, "We have already got the approval from the government for the IPO. Merchant bankers will be appointed by end of November."
UTI AMC, which manages UTI Mutual Fund, had planned the IPO to allow partial exit for the four sponsors. UTI AMC would be the country's first fund house to tap the capital market.
Till September 2007, UTI AMC was managing assets to the tune of Rs 45,000 crore in the country, and around US$ 250 million overseas.
Sinha said that once the valuation was complete, then the company would file the draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI).
He said that IPO would hit the market by the end of the current financial year.
Chairman and managing director of UTI AMC U K Sinha said, "We have already got the approval from the government for the IPO. Merchant bankers will be appointed by end of November."
UTI AMC, which manages UTI Mutual Fund, had planned the IPO to allow partial exit for the four sponsors. UTI AMC would be the country's first fund house to tap the capital market.
Till September 2007, UTI AMC was managing assets to the tune of Rs 45,000 crore in the country, and around US$ 250 million overseas.
Sinha said that once the valuation was complete, then the company would file the draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI).
He said that IPO would hit the market by the end of the current financial year.
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