New Delhi: UTI Asset Management Company (AMC) has received approval from market regulator SEBI to raise more than Rs 3,000 crore through an initial public offering (IPO).
The current shareholders of the country’s largest asset management company will sell 3,89,87,081 equity shares under the IPO, according to the company’s booklet as per the assets under management.
State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda will all sell 1,04,59,949-1,04,59,949 shares while Punjab National Bank and T Rowe Price International 38,03,617-38,03,617 shares.
According to market sources, the company will be able to raise a little over Rs 3,000 crore through a public issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5-18.5 percent stake in UTI AMC. At the same time, T Rowe Price of America has a 26 percent stake in the company.
