A reserved price of Rs. 150 crore has been decided for selling UTI Securities. The UTI Securities is the broking and investment arm of the erstwhile Unit Trust of India (UTI). The Administrator of the Specified Undertaking of Unit Trust of India (ASUUTI), which fully owns UTI Securities, has received six bids for the company.
The list of bidders includes the Life Insurance Corporation, SBI Capital Markets, Bank of India, Bank of Baroda and Securities and Trading Corporation of India (STCI). Bidders have been asked to submit their financial bids by the ASUUTI, better known as UTI-I, before September 30.
According to the sources, auditors SB Bilimoria & Co. and MP Chitale & Co. have been appointed by the UTI-I for the valuation of the UTI Securities. Few more bids are expected by the UTI-I. UTI-I has fixed a reserve price of Rs. 50 per share and with 3 crore paid up shares, it has arrived at a reserve price of Rs. 150 crore. The broking firm has 16,000 high net worth clients and the E*Trade platform for security trading. It also has 20 branches and 80 franchisees across the country. UTI Securities was formed in 1994 as a 100% UTI subsidiary. But after the UTI Act was repealed following the US-64 fiasco, the brokerage came under ASUUTI. |
|
|
|
|
| Posted : 9/21/2005 |
|
| Browse through Product Directory of JimTrade.com which offers an exhaustive data on Products of Services where as Suppliers Directory of JimTrade.com provides a detailed information on Suppliers of Services |
|
|
|
