Nippon India Mutual Fund sold 4,99,917 shares of UTI Asset Management Company Limited via the open market. The transaction reduced its stake from 3.56% to 3.17%.
A pioneer in India's mutual fund industry, UTI Asset Management Company provides comprehensive investment management services and raises funds for UTI Mutual Fund schemes. Registered with SEBI under the Mutual Funds Regulations, the company specializes exclusively in asset management and related investment services. It offers diversified mutual fund products across various asset classes to cater to different investor needs and risk profiles.
India's fifth-largest AMC with over Rs 6 lakh crore in AUM, backed by Japan's Nippon Life Insurance which holds majority stake. Formerly Reliance MF, rebranded in 2019 after Nippon's acquisition. Sailesh Raj Bhan has run the equity book for over two decades and is one of India's most experienced active managers. Known for sector rotational calls and a deep research bench.