Abhishek Securities

US-based investment management firm T Rowe Price is reportedly poised to hike its stake in UTI Trustee Company to 51 per cent from 26 per cent, indicating that the American asset manager wants to gain controlling authority at India’s eighth-largest mutual fund. T Rowe Price, which has a 26 per cent stake in UTI Mutual Fund, will acquire a portion of the shareholding of Life Insurance Corporation (LIC), State Bank of India (SBI) and Bank of Baroda (BoB) in the trustee company, two people with direct knowledge of the development told  ET . “This is not something that we’re able to comment on,” a spokesperson for T Rowe Price told the financial daily.  The move assumes significance as a higher holding in the trustee company provides the US-based shareholder of UTI Mutual Fund the right to appoint directors on the board of the trustee firm and also indirectly control operations of the mutual fund. Plus, the domestic shareholders will exit the board of UTI Trustee, the publication ...

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. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD We deal in over 60 unlisted companies with 15 years of experience . ...

The much-awaited initial public offering (IPO) of UTI Asset Management Company (AMC) is facing a delay in obtaining approval from markets regulator Securities and Exchange Board of India (SEBI), even after six months of filing its offer document. People in the known said Sebi has reservations over certain compliance issues. These include appointment of the permanent chief executive officer (CEO) and alleged violation of overseas investment norms by the fund house involving its Mauritius entity. Sandip Ginodia , Director   A LTIUS 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