UTI AMC said on Wednesday that it will sell up to 8.25 percent stake through an initial public offering (IPO) as it looks to divest the stake held by State Bank of India (SBI).
The executive committee of the board at a meeting held on Thursday approved the move, UTI AMC said in an exchange filing.
UTI AMC will offer for sale up to 1,04,59,949 equity shares, it said.
UTI AMC is India’s oldest mutual fund. SBI, Life Insurance Corporation, Punjab National Bank (PNB) and Bank of Baroda (BoB) own 18.5 percent stake each in it.
The US-based T Rowe Price holds 26 percent stake in the asset management company.