Why UTI Asset Management Company Share Price Jumped Almost 13% Today | Popgen Tech
UTI AMC is largely owned by four state-owned financial entities — Punjab National Bank (PNB), Life Insurance Corporation of India (LIC), State Bank of India (SBI) and Bank of Baroda (BOB ) together have a share of 45.16 percent. in the company.
Mumbai: The share price of UTI Asset Management Company jumped almost 13 percent today, 19 December 2022, after media reports emerged suggesting that the Tata Group is in the final round of talks to acquire one of the largest and oldest mutual funds in India.
UTI AMC is majority owned by four state-owned financial entities — Punjab National Bank (PNB), Life Insurance Corporation of India (LIC), State Bank of India (SBI) and Bank of Baroda (BOB) together they have a share of 45.16 percent in the company.
The ET report said officials familiar with the matter said internal approvals had been received, and T Rowe Price Group, the other significant shareholder in AMC with a stake of around 23 percent, had given He gave permission in principle. If the merger is approved, and Tata AMC merges with UTI AMC, then the combined entity will rank as India’s fourth largest asset management company, the report said.
At 1:06 pm IST, the UTI Asset Management Company share was trading 98.05 points or 12.71 percent up at 869.30.