UTI MF to open 53 branches in next 3 months
UTI Mutual Fund said it will open 53 new branches in the next three months across the country by utilising a part of proceeds from its proposed public offer which is likely to hit in February.
By PTI |
NEW DELHI: UTI Mutual Fund on Thursday said it will open 53 new branches in the next three months across the country by utilising a part of proceeds from its proposed public offer which is likely to hit in February.
"We will take number of branches to 133 by the end of March 2008 from 80 at the moment," UTI Mutual Fund Chief Marketing Officer Jaideep Bhattacharya said.
Without giving the investment details, he said, the fund would come from the IPO proceeds which is likely to enter the capital market in February.
Besides, the IPO proceeds would be utilised for technology upgradation and raising capital of its subsidiary UTI Venture, a venture capital arm of the fund house.
The branch expansion would provide more access points to investors in the 450 districts across the country, he said.
Talking about the IPO, Bhattacharya said, the fund house is in the process of filing the Draft Red Herring Prospectus and would be filed any time soon.
With the divestment of 49 per cent stake, UTI Mutual Fund would become the first public-listed fund manager in Asia.
All the four sponsors -- State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation-- holding 25 per cent each in the UTI Mutual Fund have already agreed to divest 49 per cent stake.
The third largest fund manager -- UTI Mutual Fund - which has asset of over Rs 52,180 crore under management, recently launched its Equity Linked Savings Scheme (ELSS), Long Term Advantage Fund-Series II with the objective to provide medium to long term capital appreciation along with income tax benefit.
"We will take number of branches to 133 by the end of March 2008 from 80 at the moment," UTI Mutual Fund Chief Marketing Officer Jaideep Bhattacharya said.
Without giving the investment details, he said, the fund would come from the IPO proceeds which is likely to enter the capital market in February.
Besides, the IPO proceeds would be utilised for technology upgradation and raising capital of its subsidiary UTI Venture, a venture capital arm of the fund house.
The branch expansion would provide more access points to investors in the 450 districts across the country, he said.
Talking about the IPO, Bhattacharya said, the fund house is in the process of filing the Draft Red Herring Prospectus and would be filed any time soon.
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With the divestment of 49 per cent stake, UTI Mutual Fund would become the first public-listed fund manager in Asia.
All the four sponsors -- State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation-- holding 25 per cent each in the UTI Mutual Fund have already agreed to divest 49 per cent stake.
The third largest fund manager -- UTI Mutual Fund - which has asset of over Rs 52,180 crore under management, recently launched its Equity Linked Savings Scheme (ELSS), Long Term Advantage Fund-Series II with the objective to provide medium to long term capital appreciation along with income tax benefit.
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