AMC shares in focus; Nippon Life surges 14%, HDFC AMC up 4%

UTI AMC will be the third offering in the Indian mutual fund industry

Shares of assets management companies (AMCs) rallied up to 14 per cent on the BSE on Tuesday after UTI AMC received markets regulator Sebi‘s nod for initial public offering to raise Rs 3,000 crore.

This will be the third public offering in the Indian mutual fund industry after Nippon Life Asset Management and HDFC AMC. Nippon Life India Asset Management is the asset manager of Nippon India Mutual Fund, while HDFC AMC is the investment manager to the schemes of HDFC Mutual Fund.

Shares of Nippon Life India Asset Management surged nearly 14 per cent to Rs 322