UTI AMC files prospectus for initial public offer

UTI Asset Management Company, the country's oldest mutual fund house, has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India to enter the capital market soon with an initial public offering of 48,500,000 equity shares of Rs 10 each through an offer for sale by its four sponsors - State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda.

UTI AMC, after its IPO, will become the first mutual fund house to be listed on the Indian stock exchanges. The offer also comprises a reservation of not less than 485,000 equity shares for subscription by eligible employees and the offer to the public of 48,015,000 equity shares.