SBI, LIC, others to dilute 50 pc through IPO
Asset Management Company will float an initial public offer by March-end next year to help its sponsors - SBI, LIC, PNB and BoB - offload upto 50 per cent stake.
By PTI |
KOLKATA: Asset Management Company will float an initial public offer by March-end next year to help its sponsors - SBI, LIC, PNB and BoB -- offload upto 50 per cent stake.
UTI Asset Management Company Ltd Chairman and Managing Director U K Sinha told the media that the board of the company had recently approved the proposal to offload upto 50 per cent stake held by the four sponsors.
State Bank of India (SBI), Life Insurance Corporation of India (LIC), Punjab National Bank (PNB) and Bank of Baroda (BoB), individually hold 25 per cent stake each in the asset management firm.
Sinha said UTI AMC would probably be the first domestic mutual fund in the country to go for an initial public offer, through which the four sponsors would make a partial exit.
He said the details on the valuation of the company were being worked out.
The valuation of the firm was last done in November 2005, when the four sponsors bought stake in it.
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