|Rediff India Abroad Home | All the sections|
UTI MF plans IPO by fiscal year end
July 02, 2007 16:44 IST
"We have got in-principle approval from the four sponsors and modalities are being worked out. In another 6-8 months, we would be in better position to tell about the launch time," UTI AMC chief marketing officer Jaideep Bhattacharya told reporters in New Delhi after launching 'India Lifestyle Fund'.
The ground work has started and various aspects were being examined, he said, adding after legal vetting merchant bankers would be appointed to carry the process further.
UTI Mutual Fund sponsors comprises State Bank of India [Get Quote], Punjab National Bank [Get Quote], Bank of Baroda [Get Quote] and Life Insurance Corporation of India holding 25 per cent stake each.
Besides, the fund house plans to ramp up branch network from existing 74 to 100 by the end of this fiscal, he said.
Talking about the new fund, he said the three-year close-ended equity scheme would invest in companies that are expected to benefit from changing Indian demographics, lifestyles and rising consumption pattern.
"We expect to collect about Rs 2,000 crore (Rs 20 billion) from the NFO," Bhattacharya said, adding, currently the fund house manages total assets of more than 40,000 crore (Rs 400 billion).
On proposal to manage government's pension fund of over Rs 1,500 crore (Rs 15 billion), he said: "We will make one more presentation to Pension Fund Regulatory and Development Authority shortly and we are hopeful to be selected as one of the manager."
Besides UTI AMC, the other shortlisted entities are SBI, LIC [Get Quote] and IDBI Capital.