The country's leading fund manager UTI Mutual Fund is likely to enter the capital market with its public issue by the end of current fiscal and has already got the approval from its board for the IPO.
"We have got in-principle approval from the four sponsors and modalities are being worked out. In another 6-8 months we would be in better position to tell about the launch time," UTI AMC Chief Marketing Officer Jaideep Bhattacharya told reporters here after launching 'India Lifestyle Fund'.
The ground work has started and various aspects were being examined, he said, adding after legal vetting merchant bankers would be appointed to carry the process further.
UTI Mutual Fund sponsors comprises State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India holding 25 per cent stake each.
Read more in The Economic Times article
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