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New Delhi, March 5 UTI Asset Management Company is in advanced stages of discussion to offload a maximum of 20 per cent stake to a clutch of strategic investors through a pre-initial public offering (IPO) placement.

“We have already filed our offer document for the IPO with SEBI and once we get the approval and bearing in mind the market conditions at that point, we will take a call on the timing of the public offering,” Mr Jaideep Bhattacharya, Chief Marketing Officer (CMO) of UTI Asset Management Company, told reporters but did not indicate a timeline for the proposed public issue.

In all, the company would look at diluting up to 49 per cent stake to public and a clutch of strategic investors. In January this year, UTI Asset Management Company Ltd had filed the draft red herring prospectus with the market regulator to enter the capital market with an IPO of 4.85 crore equity shares of Rs 10 each through an offer for sale by the selling shareholders. Its four sponsors and the selling shareholders are the State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda. The offer also comprises a reservation of equity shares for subscription by employees and the offer to the public.

“The talks with the potential strategic investors — both domestic and international — are at an advanced level. The strategic sale would give us a global reach — Indians are looking at global products and visa versa, so we need partners for global reach. In addition, we are interested in partners who can help us in distribution. We have short-listed close to 20 interested parties,” he said adding that UTI Asset Management Company would also invest in new branches (from the existing 80 branches to 350 in the next two years) and technology.

Meanwhile, UTI Infrastructure Fund – Dividend, has been ranked as the top performer amongst all infrastructure funds globally over a three-year period, as per Lipper Global Data.

The Fund managed by UTI Asset Management Company was amongst the two Indian infrastructure funds and nine other international infrastructure funds (having a track record of minimum three years) that qualified as per the Lipper Global data.

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