Govt likely to give in-principle nod for UTI MF IPO

Country’s  oldest fund house UTI Mutual Fund may revive its initial public offer (IPO) plan after Finance Ministry’s nod which is expected soon. ‘There is proposal for IPO of UTI Mutual Fund and the Finance Ministry is looking at it. The ministry after consideration can give in-principle nod for public offer,’ sources said. Government has stake in the UTI Mutual Fund through PSBs and insurance companies. State Bank of India, Punjab National Bank, Bank of Baroda and LIC holding hold stake in UTI Mutual Fund on behalf of government.