Tata Group is in final negotiations to purchase the majority of UTI AMC
Together, the owners of 45.16% of UTI AMC are the Punjab National Bank, Life Insurance Corporation of India, State Bank of India, and Bank of Baroda (BOB).
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According to The Economic Times, The Tata Group is nearing a deal to acquire the bulk of UTI Asset Management Co (AMC), India's eighth-largest mutual fund, from four state-owned financial institutions.
Together, the owners of a 45.16 percent share in UTI AMC are the Punjab National Bank (PNB), Life Insurance Corporation of India (LIC), State Bank of India (SBI), and Bank of Baroda (BOB). According to sources cited in the story, a final agreement on the deal's valuation is being sought.
Internal permissions had been obtained, according to officials with knowledge of the situation, and T Rowe Price Group, the other sizable shareholder in the AMC with a stake of about 23 percent, had given Tata its in-principle consent, according to the article.
According to the report, the combined company will be India's fourth-largest asset management if the merger between Tata AMC and UTI AMC is authorised.
