SBI to sell up to 8.25 per cent in UTI AMC

Mumbai: The much-awaited initial public offering of UTI Asset Management Company may see the light of the day soon with one of the shareholders State Bank of India’s board  according final approval for divestment of SBI stake in UTI AMC.

UTI Mutual Fund is promoted by the four of the largest public sector financial institutions as sponsors—SBI, LIC, Bank of Baroda and Punjab National Bank, with each of them holding a 18.24 per cent stake in the paid up capital of UTI AMC.

T Rowe Price Group through its wholly owned subsidiary T Rowe Price Internation-al has acquired a 26 per cent stake in UTI Asset Management Company.

SBI will be offloading up to 8.25 per cent stake through IPO by way of offer for sale after regulatory approvals by the Securities and Exchange Board of India and other concerned authorities and departments.