Small Business

UTI Mutual Fund to sell 26% stake by August

The country"s oldest fund house, UTI Asset Management Company (AMC), today said it will divest 26 per cent stake to a strategic partner by August this year. "It (process of stake sale) is on the track. We are awaiting clearnace from the stakeholders," UTI AMC Chairman and Managing Director U K Sinha told PTI. Even the pre-IPO placement that was intended to offload about 11 per cent of the post diluted shares was also been put on hold. About 1.2 crore shares were proposed to be offloaded through pre-IPO placements to strategic partners. In April, UTI AMC"s average asset under management increased by Rs 4,616.77 crore to Rs 54,489.99 crore.

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