UTI MF Likely To Go Public This Fiscal

NEW DELHI: The country's leading fund manager UTI Mutual Fund is likely to foray 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. In another 6-8 months we would be in better position to tell about the launch time. The ground work has began and various aspects were being examined. 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. They will make one more presentation to Pension Fund Regulatory and Development Authority shortly and we are hopeful to be selected as one of the manager. Besides UTI AMC, the other shortlisted entities are SBI, LIC and IDBI Capital.