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UTI Asset Management Gets SEBI Nod For Rs. 3000 Cr IPO
UTI Asset Management Company (AMC) has been given a go-ahead by market watchdog to come up with an IPO to aggregate funds to the tune of Rs. 3000 crore.
As per the DRHP, the IPO would include sale of 38,987,081 equity shares by existing shareholders. State Bank of India (SBI), Life Insurance Corporation (LIC), and Bank of Baroda (BoB) are offering to sell 10,459,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to sell 3,803,617 shares each.
The company filed the application for IPO in December 2019 and has received observations on June 16, 2020. This is an essential step before the launch of any share sale, rights issue or even follow on public offer or FPO.
Kotak Mahindra Capital, Axis Capital, Citibank, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets are the bookrunning lead managers to the offer.
The mutual fund company commands the highest monthly average AUM.
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