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Shares of UTI Asset Management Company surged 7.8 per cent to Rs 831.65 in an intra-day deals on Monday, amid reports that Tata Group was in final stages of negotiations for acquiring a majority stake in the mutual fund house.
Tata Group intends to buy close to 46 per cent stake of UTI AMC from Punjab National Bank, Life Insurance Corporation of India, State Bank of India, and Bank of Baroda. In doing so, the merger entity shall become the fourth largest mutual fund in India.
Meanwhile, listed players in the assets management space like HDFC Asset Management Company, Aditya Birla
