UTI Asset Management Company is all set to offload around 20 per cent stake to a clutch of strategic investors through a pre-initial public offering (IPO) placement. Altogether, the company would look at selling up to 49 per cent stake to public and a clutch of strategic investors. In January this year, UTI Asset Management Company Ltd had filed the draft red herring prospectus with the market regulator to enter the capital market with an IPO of 4.85 crore equity shares of Rs 10 each through an offer for sale by the selling shareholders. Its four sponsors and the selling shareholders are the State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda. The offer also comprises a reservation of equity shares for subscription by employees and the offer to the public.
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