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UTI MF hopes to launch IPO by fiscal-end

UTI MF hopes to launch IPO by fiscal-end
PTI
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First Published: Thu, Sep 13 2007. 05 46 PM IST
Updated: Thu, Sep 13 2007. 05 46 PM IST
Kolkata: UTI Mutual Fund on 13 September said it is awaiting government approval to float its initial public offer and hoped to launch the issue by the end of this fiscal.
Chairman and managing director of UTI MF U K Sinha told PTI the government’s approval was pending. “We had sought approval nearly 45 days back. We hope to get it soon.”
Sinha said if the approval was obtained shortly, then after clearing all formalities, like filing the draft red herring prospectus with Sebi, the IPO would be floated by the end of the financial year.
He said that the four sponsors of UTI Asset Management Company Ltd, would dilute up to 50% stake in the company through the IPO.
The four sponsors, State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda, individually hold 25% each in UTI MF.
Sinha said UTI MF would be the first domestic fund house in the country to go for an IPO, through which the sponsors make a partial exit.
At the time of formation of UTI MF, which was carved out of erstwhile Unit Trust of India, the four sponsors paid a sum of Rs 1,236.95 crore.
While the NAV-based schemes were transferred to UTI AMC, non-NAV schemes were referred to Specified Undertaking of UTI (SUUTI).
Domestic assets under management by UTI MF was in excess of Rs 32,794 crore, while the portfolio management services (PMS) division was managing assets of 1452 crore.
In international operations, assets under management was in excess of US$ 712.47 million, while that of venture funds was US$ 200 million.
UTI AMC is also the owner of the UTI brand.
At the time of formation of UTI MF, which was carved out of erstwhile Unit Trust of India, the four sponsors paid a sum of Rs 1,236.95 crore.
While the NAV-based schemes were transferred to UTI AMC, non-NAV schemes were referred to Specified Undertaking of UTI (SUUTI).
Domestic assets under management by UTI MF was in excess of Rs 32,794 crore, while the portfolio management services (PMS) division was managing assets of 1452 crore.
In international operations, assets under management was in excess of US$ 712.47 million, while that of venture funds was US$ 200 million.
UTI AMC is also the owner of the UTI brand.
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First Published: Thu, Sep 13 2007. 05 46 PM IST