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UTI AMC to launch IPO on September 29; SBI, LIC, T Rowe to sell stake

UTI AMC IPO will close on October 1. Price band for the share sale is yet to be announced

twitter-logoBusinessToday.In | September 23, 2020 | Updated 13:49 IST
UTI AMC to launch IPO on September 29; SBI, LIC, T Rowe to sell stake
The IPO will comprise offer for sale of 3,89,87,081 equity shares by State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda and T Rowe Price International

The much-awaited initial public offer (IPO) of UTI Asset Management Company will open on September 29. The IPO will comprise offer for sale of 3,89,87,081 equity shares by State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda and T Rowe Price International.

State Bank of India, LIC and Bank of Baroda will sell 1,04,59,949 equity shares each in the AMC . PNB and T Rowe Price International will offload 38,03,617 equity shares each via offer for sale.

The IPO will close on October 1. Price band for the share sale is yet to be announced.

The  offer for sale will include reservation of 2 lakh equity shares for eligible employees of the company. Total offer would constitute at least 30.75 percent of total paid-up equity.

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

Equity shares are proposed to be listed on BSE and National Stock Exchange.

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