LIC will divest its stake in UTI Asset Management Company (UTI AMC) along with other shareholders in the company.
“UTI AMC has decided to rope in a strategic partner. The deal is yet to be frozen, and has not come to a critical stage. But all the four partners will take the same decision. We will be acting in unison. We will offload stake in equal proportion,” said Vijayan.
UTI AMC has four shareholders,— State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB), holding 25 per cent stake each. Each of them is likely to divest 6.5 per cent of their holdings.
UTI AMC is likely to offload a 26 per cent stake to a strategic investor by the end of the month.
Source: Business Standard