The *Special Undertaking of UTI* is looking to sell its entire 17% stake in *Stock Holding Corporation of India* for about Rs 300 Cr. It the deal goes through at this price, it will value SHCIL at Rs 1765 Cr.
It will first offer the shares to its existing shareholders. It's current shareholders includes IDBI Bank, ICICI Bank, IFCI, GIC and LIC. Transaction Reference: ET<http://economictimes.indiatimes.com/markets/stocks/market-news/SUUTI-to-exit-Stock-Holding-Corp/articleshow/5764626.cms> Transaction Note Stock Holding Corporation of India - incorporated in 1986 - provides custodial and deopsitory services. It also into distribution of life and non-life insurance policies and mutual funds. Earlier in March, it was appointed by the GoI as the sole agency for maintaining data relating to collection and remmittance of stamp duty through e-stamping. SUUTI was setup out of the erstwhile Unit Trust of India in Feb'03 to take over about 25 assured return schemes, including US-64, of the beleguered UTI. All of the schemes were transferred to UTI AMC based on the NAV, while the assured return schemes and other assets and liablities were transferred to SUUTI. It was supposed to be wound up in 2009 but has been given an extension for another five years to March 31, 2014. SUUTI has redeemed all the schemes but shareholdings in companies like Axis Bank, L&T and ITC are yet to be sold. It also has investments in some unlisted companies. Earlier in March'10, SUUTI sold its 9.42% stake in *NSDL* to *NSE* for around $25 Mn. It is also looking to sell its 39% in Asset Reconstruction Company. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
