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FE Home- Markets - Story

UTI defers $480 mn IPO plan: Sources

Reuters
Posted: Monday, Jul 07, 2008 at 1116 hrs IST
Updated: Monday, Jul 07, 2008 at 1250 hrs IST

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Mumbai, July 7:: India's No. 4 mutual fund firm, UTI Asset Management, has deferred plans to launch an IPO after falling stocks hit investor sentiment, six sources, including bankers, with direct knowledge of the matter said on Monday.

"It's deferred," one source in UTI said, referring to the initial public offer that was expected to be launched by July 22.

"Pre-IPO will also not happen now," he said.

UTI Chairman U.K. Sinha could not be immediately reached for comment.

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