Mumbai: UTI Asset Management Co. Ltd has enough shareholder backing to clear a proposal for an initial public offering (IPO), but the management wants approval from all its five shareholders, said a top executive.
The country’s sixth largest asset manager has four state-owned companies holding 18.5% each—State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corp. The remaining 26% is owned by T. Rowe Price.
In terms of shareholder approval, UTI has more than the 51% backing required to do an offer for sale (which provides current shareholders an exit), or even the 75% needed to raise fresh capital, but the company wants to build a consensus first, managing director Leo Puri said in an interview.
