UTI Asset Management Company will launch its initial public offering for subscription on September 29. The company plans to raise Rs 3,000 core via the issue, sources pivy to the matter told Moneycontrol.
The public issue will consist of an entire offer for sale of 3,89,87,081 equity shares by State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda and T Rowe Price International.
State Bank of India, LIC and Bank of Baroda are going to divest 1,04,59,949 equity shares each, while PNB and T Rowe Price International 38,03,617 equity shares each via offer for sale.
The offer includes reservation of 2 lakh equity shares for eligible employees of the company. The total offer would constitute at least 30.75 percent of total paid-up equity.
The issue will close on October 1 and the price band is yet to be decided by the company.
Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the issue.
Equity shares are proposed to be listed on the BSE and National Stock Exchange.It would be tenth initial public offering to launch in 2020 after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds Technologies, Route Mobile, Compute Age Management Services, Chemcon Speciality Chemicals, Angel Broking and Likhitha Infrastructure.