According to sources, UTI AMC will sell 20% of its stake to private players ahead of IPO. UTI AMC promoters are LIC, State Bank of India, Bank of Baroda and Punjab National Bank will hold 49% post IPO.
UTI AMC will file DRHP with SEBI by December 2007.
India's third largest fund house will issue fresh shares of 20% of its equity to strategic investors. Global players such as UBS, StanChart and few other global investment banks have envinced interest for the strategic partnership with UTI AMC.
The AMC also has international tie-ups for its offshore funds, but does not have a strategic partner. The company Chairman and MD, UK Sinha, said that the business is looking for a strategic partner for expertise in their expansion plans.
In September, UTI received board approval to go public after which, the four stake holders will dilute about 49% stake, which will give them about 51% stake from their present holding. ( Money Control)