UTI MF plans 20 pct pre-IPO placement
UTI Mutual Fund intends to sell 20 percent of its equity through private placements ahead of its planned initial public offering, the Economic Times reported on Monday, quoting the asset management company’s chairman, U.K. Sinha. No single investor would be offered more than 5 percent, Sinha told the newspaper.
“We plan to offload 20 percent through private placement that will be carried out by expanding the equity base,” it quoted Sinha as saying.
The newspaper cited industry sources as saying that the public issue, likely in January, and the pre-IPO placement were likely to raise 40-60 billion rupees ($1-$1.5 billion).
According to earlier media reports, Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley, Merrill Lynch, J.M. Financial and Enam Securities are in the race to manage the IPO.
No tag for this post.