State Bank of India
State Bank of India

Mumbai: The country's largest lender SBI said its board has approved diluting up to 8.25% 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% through IPO," SBI said.

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% stake each in UTI AMC. The US-based T Rowe Price holds 26% stake in the asset management company.

SBI shares closed at Rs 341.90 on BSE, up 1.70% from the previous close.

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