US-based investment firm T Rowe Price, the single largest shareholder in UTI AMC with 26% stake, has pitched for an early listing of the mutual fund and said it could consider raising its stake if such an “offer” comes.
The balance stake of UTI AMC, with asset under management (AUM) of R1,05,000 crore (as on February 29), is equally held by State Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB).
“If the government and everybody else wants us to consider increasing (the stake), we will consider that,” James Sellers Riepe, who represents T Rowe Price on the UTI board, told FE on Thursday. Earlier in the day, he held extensive talks with minister of state for finance Jayant Sinha and senior finance ministry officials on issues related the mutual fund’s listing and the desire of PNB and BoB to exit the venture via IPO.
