Skip to main content

UTI AMC IPO Slated To Hit Markets This Month

 


The initial public offering (IPO) of UTI AMC is slated to hit the markets this month. Sources in the industry said the fund house will launch its IPO on September 29. However, the price band of the issue is not known.

The Securities and Exchange Board of India (Sebi) had given its approval for the IPO in June this year. The issue is likely to fetch shareholders around Rs 3,000-3,500 crore, claim market participants. Five shareholders of the UTI AMC will be selling nearly 3.89 crore shares through the IPO.

The IPO will see the shareholding of three public sector undertaking (PSU) shareholders – State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda – go down to just below 10% each, while that of Punjab National Bank (PNB) will go down to 15.24%. Currently, SBI, LIC, BoB and PNB hold 18.24% each in the fund house.

The shareholding of US investment firm T Rowe Price will go down to 23%, from the current 26%, after the IPO. Data from the Association of Mutual Funds in India show that UTI MF has an average assets under management of Rs 1.33 lakh crore during the April-June quarter.

In December last year, Sebi had directed LIC, SBI and BoB to bring down their shareholding and voting rights in UTI AMC and UTI Trustee to below 10% on or before December 31, 2020. It had said that in the event of non-compliance with the directions, the shareholding and voting rights of the three companies in UTI AMC and UTI Trustee in excess of 9.99% and corporate benefits shall stand frozen till such time they comply with the aforesaid directions.

Currently, there are two fund houses – HDFC AMC and Nippon Life India AMC – which have their shares listed on the exchanges.

Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI SecuritiesJM Financial and SBI Capital Markets are the book running lead managers to the offer.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience 

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Comments

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in last year's report. According t