UTI Asset Management Company's plans to go public in an effort to facilitate stake dilution by key shareholders State Bank of India (SBI) and Life Insurance Corp of India (LIC) have run into a covid-19 hurdle, said three people with direct knowledge of the matter.
UTI AMC had filed its draft IPO prospectus in December 2019.
Three primary stakeholders of the company--LIC, SBI, and Bank of Baroda--in compliance with Securities and Exchange Board of India (Sebi) norms have to reduce their stake to 10% by December.
