Last year, the London-headquartered bank had bought a 49 per cent stake in UTI Securities from the Securities Trading Corporation of India for Rs 147 crore. The bank retains the option to raise the stake to 74 per cent this year and the remaining shares by 2010.
The government is likely to consider a proposal to privatise UTI Mutual Fund after the completion of the valuation and due diligence process, Union Finance Secretary S Narayan said on Tuesday.
Life Insurance Corporation of India has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs in the country.
UTI Venture Funds, part of India's largest mutual fund, plans to nearly double investments in 2003 to around $20-$25 million, with a special focus on the fast growing back-office services and life sciences sectors.
State Bank of India, UTI AMC and Life Insurance Corporation will start investing the corpus of the new pension system (NPS), estimated around Rs 2,000 crore (Rs 20 billion) now, in market instruments including 15 per cent in equities from end-June 2008.
The fund is being set up in association with two off-shore partners -- HSH Nordbank, (HSH) Germany and Noor Financial Investment Company of Kuwait. HSH Nordbank is a major financier in the transportation sector especially in shipping and aviation. In India, it has participated in debt financing for the modernisation of the Delhi airport. Noor is the financial arm of NIG Group, a conglomerate.
The UTI Liquid Fund has mobilised more than Rs 1,097 crore (Rs 10.97 billion) in just two days of the initial offer period, UTI sources said in Mumbai on Thursday.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
The government is not in favour of selling UTI Mutual Fund to a private player and has insisted that one of the existing sponsors buy it by this fiscal.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
The BSE Sensex plunged by about 35 per cent in the last six months. The benchmark index which was over 20,000 level in January, is currently hovering around 13,000. Pre-IPO placement that was intended to offload about 11 per cent of the post diluted shares has also been put on hold, sources said pointing out that the company would revisit its capital raising plan once the market condition improves.
Actis has sold off its five per cent stake in UTI Bank to foreign institutional investors for Rs 130 per share.
Government is planning to foreclose seven major assured return schemes of the Unit Trust of India, including the 'Children Growth Fund'.
The government on Tuesday told the Rajya Sabha that Unit Trust of India, the country's largest mutual fund, is on a revival path and its units have started fetching a premium.
T Row Price, the largest stakeholder in the UTI AMC, has threatened to pull out alleging that the ministry of finance is thrusting its own candidate as the CMD of the company.
Unit Trust of India Mutual Fund, which commenced operations at the beginning of this month, is targeting to double its Assets Under Management to Rs 30,000 crore (Rs 300 billion) in the next 12 months, chairman and managing diector M Damodaran said.
Even after the split, UTI Mutual Fund continues to hold the largest market share of 14.47 per cent closely followed by ICICI Prudential, HDFC Standard Life and Templeton in the over Rs 1,00,000 crore (Rs 1,000 billion) industry.
Debt mutual fund (MF) schemes, which witnessed relatively muted inflows in the past three years, saw a surge in investor interest in April amid election-induced volatility in the equity markets. Active debt funds garnered nearly Rs 66,000 crore net inflows in April, most at least since December 2020.
The government on Thursday appointed PSU mutual funds UTI MF and SBI MF as managers of the corpus lying with postal and rural life insurance entities, a move that could lead to investment of the sum into the booming capital market.
The board of the Unit Trust of India on Monday formed a three-member sub-group to study the Joint Parliamentary Committee's report on UTI and suggest an action plan in about a month's time.
The move follows the near Rs 60 crore (Rs 600 million) redemptions every month from the US-64 and ARS bonds in the last couple of years.
The government on Thursday cleared the long-awaited sale of the UTI Asset Management Company to three state-owned banks and the LIC at a price of Rs 1,237 crore.
