MUMBAI : Citigroup Inc. and ICICI Securities Ltd. are among banks selected for UTI Asset Management Co.’s planned initial public offering (IPO) in Mumbai, according to people familiar with the matter.

HSBC Holdings Plc., SBI Capital Markets Ltd. and Kotak Mahindra Bank Ltd. are also picked to arrange the Indian mutual fund’s share sale, said the people, who asked not to be identified as the information is private. The offering could raise about 2,600 crore ($366 million), the people said.

UTI Asset Management counts State Bank of India, Life Insurance Corp of India, Bank of Baroda and Punjab National Bank as its shareholders. In 2010, T. Rowe Price Group Inc. acquired 26% of the asset manager from some of the holders.

Existing shareholders plan to sell a combined 30% stake in the proposed offering, one of the people said.

Details of the offering could change as the deliberations are ongoing, the people said. More banks could be added, they said. Representatives for Citigroup and ICICI Securities declined to comment, while representatives for UTI Asset Management, HSBC, Kotak Mahindra and SBI Capital didn’t immediately respond to requests seeking comments.

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