×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

UTI Mutual Fund to go public by end of fiscal

UTI Mutual Fund to go public by end of fiscal
Comment E-mail Print Share
First Published: Tue, Jul 10 2007. 04 07 PM IST
Updated: Tue, Jul 10 2007. 04 07 PM IST
PTI
New Delhi: The country’s leading fund manager, UTI Mutual Fund, is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.
“We have got in-principle approval from the four sponsors and modalities are being worked out. In another 6-8 months we would be in better position to tell about the launch time,” UTI AMC chief marketing officer, Jaideep Bhattacharya, told reporters here after launching ‘India Lifestyle Fund’.
The ground work has started and various aspects were being examined, he said, adding after legal vetting merchant bankers would be appointed to carry the process further.
UTI Mutual Fund sponsors comprises State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India holding 25% stake each.
Besides, the fund house plans to ramp up branch network from existing 74 to 100 by the end of this fiscal, he said.
Talking about the new fund, he said the three-year closed-end equity scheme would invest in companies that are likely to benefit from changing Indian demographics, lifestyles and rising consumption pattern.
“We expect to collect about Rs2,000 crore from the NFO,” Bhattacharya said, adding, currently the fund house manages total assets of more than Rs40,000 crore.
On proposal to manage government’s pension fund of over Rs1,500 crore, he said: “We will make one more presentation to Pension Fund Regulatory and Development Authority shortly and we are hopeful to be selected as one of the manager.”
Besides UTI AMC, the other shortlisted entities are SBI, LIC and IDBI Capital.
Comment E-mail Print Share
First Published: Tue, Jul 10 2007. 04 07 PM IST