State Bank of India (SBI) has received approval for divestment of its stake in UTI AMC up to 8.25 per cent through initial public offering (IPO). The executive committee of the central board of directors (ECCB) of the bank has accorded its approval for the same. The bank offer to sale up to 1,04,59,949 equity shares subject to approval from the SEBI and such other concerned authorities and departments. LIC, SBI, Punjab National Bank (PNB) and Bank of Baroda have 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the asset management company.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
