The sale of UTI Securities is expected to be finalised by December end. "About 10-11 players have shown interest for buying UTI Securities,' said S B Mathur, administrator of the Specified Undertaking of Unit Trust of India (Suuti) at the sidelines of an insurance seminar organised by Federation of Indian Chamber of Commerce and Industries (Ficci).
Those in the fray include Bank of India, Bank of Baroda, UTI Bank, Securities Trading Corporation of India, SBI Capital Markets and Standard Chartered Bank.
There are no private equity investors in fray. Some players like Geojit Financial Services who had initially expressed interest are no longer in contention.
Suuti, which was created in 2003 by bifurcating the erstwhile Unit Trust of India, is planning to liquidate all its assets.Mathur said Suuti has set pre-qualification norms that specified technical norms and also required the bidders to have a net worth of at least Rs 500 crore, but that would be applicable for public sector bidder.
UTI Securities is currently owned by Suuti. ICICI Securities is advising Suuti on the sale, Mathur said.
UTI Sec sale likely by Dec-end
Our Economy Bureau / New Delhi Nov 25, 2005, 22:37 IST
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