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UTI Asset Management Company, the country’s fifth largest mutual fund manager, has proposed an initial public offering (IPO) plan to the government to provide an exit to its four state-run sponsors—State Bank of India (SBI), Life Insurance Corp. of India (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB).

At a meeting with the government late March 2016, the fund house proposed an IPO to divest at least 26% of the promoter stake, which will allow a partial exit of the four sponsors in equal proportion.

At present, each of the four state-run sponsors holds an 18.5% stake in the paid-up capital of UTI Asset Management, while the rest is held by T. Rowe Price International Ltd.

“UTI has proposed an IPO of at least 26% promoter stake, which could include partly primary market stake sale and partly secondary market sale. The government has to approve the proposal for enabling UTI Asset Management Co. to go public, which would eventually provide an exit to the four sponsors,” as per reports.

UTI Mutual Fund

Key Information

Mutual Fund UTI Mutual Fund
Setup Date Feb-01-2003
Incorporation Date Nov-14-2002
Sponsor State Bank of India / Punjab National Bank / Bank of Baroda / Life Insurance Corporation
Trustee UTI Trustee Co (P) Ltd
Chairman N.A
CEO / MD Mr. Leo Puri
Compliance Officer Mr. Vivek Maheshwari
Investor Service Officer Ms Nanda Malai
Assets Managed Rs. 157585.79 crore (Dec-31-2018)

Other Details

Auditors M/s Haribhakti & Co.
Custodians Citi Bank / Stock Holding Corporation of India Limited / The Bank of Nova Scotia
Registrars N.A
Address UTI Towers, Gn Block, Bandra Kurla Complex, Bandra East, Mumbai 400051
Telephone Nos. 022-66786666
Fax Nos. 022-66786503/78
E-mail service@uti.co.in

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May 15, 2021

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