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For a consideration of Rs 1,200 crore UTI AMC - will be passed on by the government to its four sponsors, and all state owned entities.UTI AMC controls the assets of the countrys largest asset management company. The government opted not to go ahead with the bidding process among the 4 sponsors like SBI, LIC of India, Punjab National Bank, and Bank of Baroda because they individually quoted well below the governments price expectations.However it was decided to allow the 4 sponsors to jointly pay the government the consideration amount based on two sets of valuations done on the UTI AMC. Within a fortnight the deal is expected to be completed. The deliberation is for the transfer of the assets of the previous UTI to a new AMC formed in 03 and sponsored by the 4 banks and institutions. The AMC now owns assets under management of over Rs 25,000 crore. |
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| Posted : 9/23/2005 |
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