UTI AMC gets Sebi nod for initial public offering to raise Rs 3,000 cr

The IPO of the country's largest AMC in terms of total AUM comprises sale of 38,987,081 equity shares by existing shareholders

UTI Asset Management Company (AMC) has received markets regulator Sebi’s go-ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO).

The IPO of the country’s largest AMC in terms of total assets under management (AUM) comprises sale of 38,987,081 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).

State Bank of India (SBI), Life Insurance Corporation (LIC), and Bank of Baroda (BoB) are offering to sell 10,459,949 shares each, while Punjab National Bank (PNB) and