Three top financial sector players have mapped out plans for fund-raising.

UTI Asset Management Company has received Sebi’s go-ahead to raise a little over Rs 3,000 crore through a maiden offer, while ICICI Bank has sold a 1.5 per cent stake in its life insurance subsidiary for Rs 840 crore. Last week, HDFC Bank’s board had approved a proposal to raise up to Rs 50,000 crore in the next twelve months by issuing various debt securities.

The IPO of UTI AMC, the country’s largest asset management company in terms of total AUM, comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the draft red herring prospectus.

State Bank of India (SBI), Life Insurance Corporation (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each.

The public offer is expected to raise a little over Rs 3,000 crore, market sources said.

ICICI stake sale

While announcing its results for 2019-20 on May 9, ICICI Bank had said it would look at strengthening its balance sheet as opportunities arise.

Last week, the lender had informed exchanges about selling a little less than 4 per cent stake in its general insurance subsidiary for Rs 2,250 crore.

“The bank has today divested 2,15,00,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company,” ICICI Bank said in a regulatory filing.

Following this, the bank's shareholding in ICICI Prudential Life stands at approximately 51.4 per cent, it added.