The State Bank of India (SBI) board on Wednesday approved the lender’s proposal to sell 8.25% stake in UTI AMC.
“The SBI will divest up to through IPO by way of offer for sale of up to 1,04,59,949 equity shares,” it said in a filing with the stock exchanges.
SBI, Life Insurance Corporation Punjab National Bank (PNB) and Bank of Baroda (BoB) own 18.5% stake each in UTI AMC.
UTI AMC is planning to launch an initial public offer (IPO) by the end of this fiscal. Citigroup Inc and ICICI Securities Ltd are among banks selected for UTI Asset Management Co.’s planned IPO, according to a Bloomberg report.
This article was first published on livemint.com