UTI MF planning for the IPO

One of India’s leading fund manager UTI Mutual Fund is planning to enter the capital market with its public issue by the end of current fiscal year. The fund house has already got the approval from its board for the initial public offering (IPO). The Fund house have got approval from its sponsors comprises State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India holding 25 % stake each.