UTI AMC company is also called as UTI Mutual fund which was carved out of the Unit trust of India. UTI is registered with SEBI (Securities and exchange board of India) from February 01, 2003. This company is considered as the 7th largest asset management company in India in terms of Mutual fund as on September 30, 2019. They offer schemes through a diverse range of distribution channels and have a national footprint.

UTI AMC had incorporated in 2002 in the business of managing the domestic mutual funds of UTI Mutual fund, provides portfolio management services to institutional clients and high netw orht individuals like employee, national skill development fund, postal life insurance and so on.

UTI AMC is the first mutual fund in India and has been an asset management company for more than 55 years with a strong history and proven track record in mutual fund industry with strong brand recognition.

This company is coming out with an IPO. The opening date of subscription for this IPO is 29th September and the closing date is October 1st. the objective for this IPO is to list the equity shares on the stock exchanges.

The issue type is book-built process with the issue size of 38,987,081 equity shares. The price band for subscribing to these shares are between 552-554. The minimum subscription is of 27 shares which is equal to 1 market lot. The maximum no. of lots an individual can apply for is 13.

BID OPENS – 29th September

BID CLOSES – 01st October

DECISION ON BASIS OF ALLOTMENT – 07th October

REFUNDS – 08th October

CREDIT SHARES TO DEMAT A/C – 09th October

IPO SHARES LISTING DATE – 12th October

The investment category is divided as follows:

50%-QIB, 15%-NII, 35%-RETAIL.

The date for anchor allocation is September 28th, which means the institutional investors can apply before this date and will get guaranteed allotment in case of over-subscription. The shares will be listed on BSE and NSE. This is the 10th IPO launch in the FY20.

NEWS REPORTED BY:

VRIDHI BHAGNARI.