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STCI acquires UTI Securities for Rs 265 cr

Our Bureau

Mumbai , Feb 1

SECURITIES Trading Corporation of India (STCI) has acquired broking and investment firm UTI Securities Ltd, for Rs 265 crore.

According to sources, there were about 10 bidders and STCI has emerged as the highest bidder offering Rs 265 crore, followed by Bank of Baroda (Rs 250 crore) and Standard Chartered Bank (Rs 220 crore).

STCI is a primary dealer in Government securities.

ICICI Securities was the advisor to UTI for the sale of UTI Securities.

STCI, it is learnt, will be allowed to use the UTI brand for two years.

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