The Hindu Business Line : A peek into UTI MF numbers, courtesy BoB public offer

BANK of Baroda's follow-on public offer provides a peek into key financial details of UTI Mutual Fund, courtesy the bank's 25 per cent holdingin the latter. The offer document in circulation underlines changes in its EPS and net asset value per share.

UTI Asset Management Co, which was officially incorporated a few years ago, recorded an EPS of Rs 102.44 at the close of the last fiscal, as opposed to Rs 124.94 as on March 31, 2004. Its NAV per share, on the other hand, stood at Rs 237.38 (compared to Rs 134.94).

The first financials of the company were prepared from November 14, 2002, the offer document indicates.

Its total income during 2004-05 and 2003-04 were Rs 319 crore and Rs 380 crore respectively, a decline of about Rs 61 crore.

On another front, however, UTI MF's reserves and surplus position saw an upturn — from Rs 124 crore to Rs 227 crore. But post-tax profit dipped by Rs 22 crore to Rs 102 crore.

As for UTI Trustee Company, which also has a similar shareholding pattern, the book value and EPS for 2004-05 were Rs 10.47 and Rs 0.19 respectively.

They were Rs 10.29 and Rs 0.29 in the previous fiscal.

Bank of Baroda, incidentally, is all-equal shareholder vis-à-vis SBI, LIC and PNB. BoB's offer document, dated December 29, 2005, notes that the Government has directed the shareholders to "make payments towards the acquisition" of the fund house.

The issue prospectus also provides a peek into BoB's own asset management venture, a 100 per cent subsidiary set up in 1992. As on March 31, 2005, it recorded a profit after tax of about Rs 50 lakh on a total income of Rs 7.3 crore.