UTI AMC, Tata Investment deny report of Tata group buying majority stake in AMC. Full details

UTI Asset Management Company (AMC) on Monday said it is not a part of any negotiation (with Tata Group) as suggested by a media report. ET had in a report today suggested that the Tata Group was in final talks to buy majority stake in UTI AMC from state-owned companies.

In a filing to BSE, UTI AMC said the company has not taken any decision on the transaction as mentioned in the news item and as such no disclosure is required to be made under Regulation 30 of the Listing Regulations.

The ET report had cited officials close to the development suggesting internal approvals were in and Tata had received in-principal nod from the other big investor in the AMC – global investment management firm T Rowe Price Group, which holds around 23 per cent.

“As the company has not taken any such decision as reported in the news article; and as such, no event has occurred that would have triggered an obligation on the company to make a disclosure under Regulation 30 of the Listing Regulations,” UTI AMC said.

UTI AMC said it is not aware of any material impact of the news article and reiterated that whenever there is any material development with respect to the affairs of the company, which obligates it to make disclosure under Regulation 30 of the Listing Regulations, it will intimate the stock exchanges immediately.

The company announcement came in at 3.20 pm. By close, the stock was up 11.53 per cent at Rs 860.10 on BSE.

In a separate release, Tata Investment Corporation said: “We would like to clarify that Tata Investment Corporation (‘the Company’) is not aware of any information on the aforementioned news item and hence unable to comment on the same.”

“We are cognizant of our disclosure obligations under the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), and as and when matters arise that require disclosure, the Company will fully comply with its obligations under the SEBI Listing Regulations and make appropriate disclosures,” it said.

This stock ended 0.29 per cent higher at Rs 2,143.65 on BSE.

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