UTI Asset Management Co. will launch its three-day initial public offering on Tuesday as its existing shareholders look to pare stake in the mutual fund house to meet regulatory requirements.
The maiden issue, comprising an offer-for-sale of up to 3.89 crore shares with a face value of Rs 10 each, aims to fetch selling shareholders around Rs 2,150 crore at Rs 552-554 apiece, according to its red herring prospectus.
- Issue opens on Sept. 29
- Issue closes on Oct. 1
The selling shareholders include State Bank of India, Life Insurance Corporation of India, Bank of Baroda, Punjab National Bank, and T Rowe Price International. The offer-for-sale includes 1.04 crore shares each offered by SBI, LIC and Bank of Baroda, and another 38.04 lakh each by Punjab National Bank and T Rowe Price. The shares on offer account for a little over 30% of the number of fully paid-up equity shares of the…
