UTI Asset Management Company said on Saturday that it would divest 26 per cent stake to a strategic partner in the next three months but is open to acquisition of domestic fund house. "There are three shortlisted parties interested in taking stake and we hope to finalise this in the next three months," UTI AMC Chairman and Managing Director U K Sinha said here. Sinha declined to name the shortlisted bidders, but said the AMC would induct those that offered UTI a greater global footprint. "We have five and four-star rated offshore funds, but our size is very small. There are very large fund houses with much lower rating. We would like a partner those who could help us in overseas activities," Sinha said. State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation are the shareholders of UTI AMC holding 25 per cent each. Post divestment, all four investors would dilute stake proportionately to allot 26 per cent to the strategic partner. On acquisition, Sinha said the fund house is open if any offer comes and there are indications that a few AMCs were in trouble since mid 2008-09. UTI AMC has assets worth Rs 49,754 crore under management as on March 2009.
Source: Economic Times
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