UTI AMC Gets Approval From SEBI To Introduce IPO:
To begin with, the UTI AMC gets approval from the market regulator. The Asset management company plans to raise over Rs. 3,000 cr from this IPO.
As per the draft prospectus, India’s largest AMC in terms of total assets under management contains the sale of 3,89,87,081 eq shares held by existing shareholders. Moreover, from its total shares, SBI and LIC and BOB offered their 1,04,59,949 equity shares to sell. Also, PNB and T Rowe Price International looking to offload 38,03,617 equity shares.
According to the market sources, the asset management company plans to raise over Rs. 3,000 cr. In December 2019, the UTI AMC submitted its draft prospectus with the Securities and Exchange Board Of India. After that, the company has received approvals on June 16th.
Furthermore, if any company wants to introduce its IPO or follow-on public offer, it should required approvals from SEBI. Additionally, in the UTI AMC stake, the State Bank of India, PNB, and BOB held 18.5% of stake each. Also, the T Rowe Price US company holds 26% of the UTI Asset Management Company stake.
However, the Kotak Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets act as promoters for this company. The company wants to list its shares on BSE and NSE.