UTI MF picks Citigroup and ICICI Securities to manage public offering

Details of the offering could change as the deliberations are ongoing

Citigroup Inc. and ICICI Securities Ltd. are among banks selected for UTI Asset Management Co.’s planned initial public offering in Mumbai, according to people familiar with the matter.
 

HSBC Holdings Plc., SBI Capital Markets Ltd. and Kotak Mahindra Bank Ltd. are also picked to arrange the Indian mutual fund’s share sale, said the people, who asked not to be identified as the information is private. The offering could raise about 26 billion rupees ($366 million), the people said.
 

UTI Asset Management counts State Bank of India, Life Insurance Corp of India, Bank of Baroda and Punjab National Bank as its