State Bank of India is expected to sell 8.25% of its holding in UTI Asset Management Company. The bank may soon float an offer-for-sale through the IPO being planned by the AMC. The bank will divest up to 1,04,59,949 equity shares in the company subject to SEBI approval. UTI Asset Management Company IPO is expected by the end of this fiscal. The company is looking to raise about Rs 2600 crore through the IPO, which will be an offer-for-sale by existing shareholders, mainly Life Insurance Corporation, State Bank of India, Bank of Baroda and Punjab National Bank, which together own 18.25% stake while US-based T Rowe Price owns 26%. The IPO was necessitated due to the cross-holding norms announced by SEBI last year.
