The IPO market continues to explode in September. The IPO of UTI Mutual Fund and Mazagaon Dak is opening from September . It will close on First October Both the companies will raise around Rs 3500 crore from this IPO. UTI will raise about Rs 3000 crore and Mazagaon Post will raise Rs 500 crore.
SEBI rules companies which have their own mutual fund companies cannot hold more than 10 percent stake in other mutual funds. These four banks have a higher stake in UTI.