Delhi News

UTI AMC falls 5% as co denies reports of stake sale to Tata Group

Shares of UTI Asset Management Company (UTI AMC) fell 4.9 per cent to Rs 819 on the BSE in Wednesday’s intra-day trade after the company denied reports of it being in talks with Tata group for a 45 per cent stake sale.

“We are not aware of any such negotiations / events. Accordingly, we cannot provide any information on sequence of events,” said in an exchange filing.

According to reports, Tata AMC plans to acquire the shares held by four public sector undertakings (PSUs) in the fund house that manages assets worth Rs 2.24 trillion. is ranked eighth, while Tata AMC is in 13th position with an AUM of Rs 88,400 crore.

Currently, Punjab National Bank holds 15.22 per cent stake in . Life Insurance Corporation (LIC) of India, State Bank of India (SBI), and Bank of Baroda (BoB) hold 9.98 per cent each. US-based T Rowe Price holds 22.97 per cent. READ MORE

UTI AMC further clarified that the company has not taken any such decision as reported in the article; and as such, no event has occurred that would have triggered an obligation for the company to make a disclosure.

At 3:00 PM, shares of UTI AMC were trading 4.8 per cent lower at Rs 820 per share, as against a 0.7 per cent rally in the benchmark BSE Sensex. On Tuesday, shares of the company had jumped 15 per cent on the bourses.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

For more information call us at 9891563359.
We are a group of best insurance advisors in Delhi. We are experts in LIC and have received number of awards.
If you are near Delhi or Rohini or Pitampura Contact Us Here

Leave a Reply

Your email address will not be published. Required fields are marked *