UTI AMC To Appoint Merchant Bankers

After getting government approval for floating initial public offer (IPO), UTI Asset Management Company would appoint merchant bankers by November end for valuation of the firm. UTI AMC, which manages UTI Mutual Fund, had planned the IPO to allow partial exit for the four sponsors. UTI AMC would be the country’s first fund house to tap the capital market. Till September 2007, UTI AMC was managing assets to the tune of Rs 45000 crore in the country, and around $250 million overseas.