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Last Updated : Dec 04, 2019 04:34 PM IST | Source: Moneycontrol.com

SBI to sell 8.25% stake in UTI AMC via IPO

SBI will sell by way of offer for sale of upto 1,04,59,949 equity shares.

 
 
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The country's largest lender State Bank of India has decided to sell its 8.25 percent stake in UTI AMC through an initial public offering.

SBI, LIC, Punjab National Bank and Bank of Baroda each hold 18.5 percent stake in the UTI AMC. The remaining stake is held by US company T Rowe Price.

"We advise that the executive committee of the central board of directors (ECCB) of the bank today has accorded final approval for the divestment of SBI stake in UTI AMC upto 8.25 percent through IPO," the bank said in its BSE filing on December 4.

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SBI, by way of offer for sale, will sell upto 1,04,59,949 equity shares, subject to the approval of the SEBI and other authorities and departments.

The bank also has AMC business. As per crossholding limit introduced by the SEBI in March 2018, if a shareholder has at least 10 percent stake in a mutual fund, then it cannot hold a similar-sized stake in another fund house and would also have to give up its board positions.

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First Published on Dec 4, 2019 04:34 pm
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