Tata Asset Management is reportedly at the forefront of a potential $800 million (around ₹6,710 crore) deal to acquire stakes in UTI Asset Management.
What Happened: ET Now reports that top institutional shareholders in UTI Asset Management are contemplating selling their stakes and Tata Asset Management is a strong contender in the potential multimillion-dollar deal.
Tata AMC is the frontrunner to acquire stakes from four institutional investors, including Bank of Baroda, LIC, Punjab National Bank and SBI.
In 2023, Tata Tata Sons had indicated its interest in acquiring UTI, but the negotiations did not progress at that time.
See Also: Larsen & Toubro Unveils New Business Vertical Focused On Renewable Energy
According to latest shareholding data until the June 2024 quarter, Tata Mutual Fund held a 4.19% stake in UTI AMC. PNB owned 15.18%, while LIC, Bank of Baroda and SBI held 9.95% stake each.
If the acquisition is successful, Tata AMC will make an open offer to UTI shareholders.
image generated from Dall E.
Read Next: Maruti Suzuki Slashes Prices For Some Models As August Sales Decline 4%
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.