According to agency reports, UTI Asset Management Co., which runs UTI Mutual Funds, has cancelled its IPO plans because of falling stock markets. The AMC's promoters are four public sector entities, State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda, each of which own 25 per cent stake. Each of them were planning to sell 1.2 crore shares, amounting to 38.8 per cent of their holdings. The IPO would probably have meant a substantial cash-out for these banks.
UTI had filed an offer document on January 9 this year. Under SEBI rules, if the UTI IPO cannot be completed by July 21, then the entire process has to be restarted.
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