State Bank of India (SBI), Life Insurance Corporation (LIC), and Bank of Baroda (BoB) are offering to sell 10,459,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 3,803,617 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
Sebi’s observations are necessary for any company to launch public issues, including initial share-sale, follow-on public offer and rights issue.
SBI, LIC, PNB, and BoB hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company.
Kotak Mahindra Capital, Axis Capital, Citibank, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets
are the bookrunning lead managers to the offer.
The shares of the company are proposed to be listed on the BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM.