UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO).
The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
State Bank of India (SBI), Life Insurance Corporation (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each.
The public offer is expected to raise a little over Rs 3,000 crore, market sources said.
UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed.
It's among the biggest AMC in India
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