UTI AMC surges 8% after PPFAS MF buys 1.1 million shares via block deal

Shares of UTI Asset Management Company (AMC) surged 8 per cent to Rs 687.30 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after PPFAS Mutual Fund on Monday bought over 1 million shares in the company via block deal.

PPFAS Mutual Fund purchased 1.12 million equity shares representing 0.88 per cent stake in UTI AMC for Rs 71.40 crore. The mutual fund bought shares at price of Rs 636 per share on the NSE, the exchange bulk deal data shows. The names of the sellers were not ascertained immediately.

UTI AMC is promoted by four PSU