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The state-owned UTI Asset Management Company may see a line up of about 25 foreign investors to acquire stake. Some of the names heard are private equity firm Blackstone, and others like Goldman Sachs, UBS, Citigroup, National Australian Bank and Shinsei Bank, according to The Economic Times. UTI AMC came into being after dismantling the troubled Unit Trust of India in 2003. It plans to sell about 20 per cent stake through a private placement and 29 per cent through an IPO, which will see a combined mop up of Rs 6,000-8,000 crore. No single investor would be allowed to take more than 5 per cent.
The private placement may be completed by January, while the listing process has to be completed before March 31, 2008. Currently, the state-owned institutions State Bank of India, Punjab National Bank, Life Insurance Corporation and Bank of Baroda hold 25 per cent each in the company. Post-IPO and private placement, their stake will come down to 51 per cent.