Shares of UTI Asset Management Company (AMC) surged more than seven percent on Tuesday after PPFAS Mutual Fund bought 11.22 lakh shares of the company worth Rs 71.4 crore.
According to the block deal data with the National Stock Exchange (NSE) on Monday, PPFAS Mutual Fund bought 11.22 lakh shares or 0.88 percent stake in UTI AMC at Rs 636 apiece.
As of December quarter, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Tata Mutual Fund and Mirae Asset Mutual Fund together owned 12.74 percent stake in UTI AMC, shareholding data with the BSE showed.
Punjab National Bank (PNB), Life Insurance Corporation of India (LIC), State Bank of India (SBI) and Bank of Baroda (BoB) together owned over 45 stake in UTI AMC at the end of December 2022.
UTI AMC, which listed on the bourses in October 2020, has been managing assets across different businesses such as domestic Mutual Fund, Portfolio Management Services, International business and Retirement Solutions.
The company has an asset base of Rs 2.4 lakh crore as of December quarter.
Shares of UTI AMC are trading 5.7 percent higher at Rs 673.40. The stock has recovered 13 percent from its 52-week low of Rs 595.
