Patil : UTI Mutual stake not to be sold to a single entity
By Mumbai: | 13 Sep 2005
Mumbai: Dr R. H. Patil, chairman, UTI AMC, has clarified that the Union Government has decided not to sell the entire stake of UTI Mutual Fund to one single entity. According to Patil, details of the stake sale are likely to be finalised in two months.
It has so far been speculated that State Bank of India (SBI) is likely to buy out the other three sponsors of the fund house. All the four sponsors of UTI AMC — SBI, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda — had evinced an interest in acquiring the country's largest fund house.
Dr Patil said that UTI Mutual Fund's assets under management have crossed the Rs25,000-crore mark and that they would close this month at Rs26,000 crore.
Dr Patil was speaking to newspersons after announcing a strategic distribution tie-up of UTI MF with Dena Bank. The agreement between the two companies allows Dena Bank to offer the entire bouquet of UTI MF's schemes across the bank's selected branches.