State Bank of India (SBI) the countrys largest lender has decided to offload 8.25% stake in UTI AMC during the initial public offering (IPO), the lender said in a communication to the exchanges.
... we advise that the executive committee of the central board of directors (ECCB) of the bank, at its meeting held today, has accorded final approval for divestment of SBIs stake in UTI AMC [of] up to 8.25% through IPO by way of offer for sale of up to 1,04,59,949 equity shares subject to the approval of the Securities and Exchange Board of India, the bank said.
SBI, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda hold 18.5% stake each in UTI AMC. The remaining stake is held by U.S. company T Rowe Price.
UTI AMC is expected to launch the IPO by the end of the financial year.