Sponsors of UTI Mutual Fund, including State Bank of India (SBI), Punjab National Bank (PNB) and Life Insurance Corporation of India (LIC), have initiated the process to dilute their stake in India’s oldest fund house.
According to sources, these entities have approached merchant bankers to advise on stake sales.UTI Mutual fund is promoted by the SBI, LIC, PNB and Bank of Baroda (BoB), having a combined holding of 45.21 per cent in the paid-up capital.
