SBI okays to dilute 8.25 pc stake in UTI AMC initial public offer

New Delhi: The country's largest lender SBI on Wednesday said its board has approved diluting up to 8.25 per cent stake in UTI AMC which goes for an initial public offering (IPO).

"The executive committee of the central board of directors (ECCB) of the bank at its meeting held today has accorded approval, for divestment of SBI stake in UTI AMC up to 8.25 per cent through IPO," SBI said in a regulatory filing.

The bank said it offers 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, PNB and BoB 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 shares closed at Rs 341.90 on BSE, up 1.70 per cent from the previous close.