The three firms have told Sebi
that the initial public offering (IPO) of UTI MF
will open in the first week of September. Through the IPO, the three companies will divest their excess holdings.
Sebi in June had given the green-light for the UTI MF IPO. The fund house was looking to launch the share sale in August. Sources said the issue faced delays as the Covid-19 pandemic created difficulties in conducting roadshows to get a sense of investor demand.
With respect to their holding in UTI Trustee, the three firms have told Sebi that they have entered into a share purchase agreement to bring down their stake. Interestingly, a Sebi whole-time member had issued an order in this same matter in December 2019 giving the three firms time till December 2020 to bring down stake. However, Sebi has said the order passed by the WTM and the one passed on Friday were based on two separate proceedings and do “not have bearing on one another”.
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