Public sector financial institution Life Insurance Corporation of India is shaping up its plan to go for over 40% reduction in its stake in UTI Asset Management Company(UTI AMC). The process has been initiated following a directive issued by market regulator Sebi.
“We are in process of developing plan to cut down our stake in UTIAMC. We will do our best to regard SEBI and its directive,” T C Susheel Kumar, Managing Director, LIC told ET at Siliguri.
