Bank of Baroda on Monday said it will take part in the proposed IPO of UTI Asset Management Co Ltd by way of offer for sale of up to 1.04 crore shares. "The Investment Committee of our Bank in its meeting held today has approved the participation of Bank of Baroda in the proposed initial public offering of equity shares of UTI Asset Management Company Ltd," the bank said in a regulatory filing.
The bank said it will offer up to 1,04,59,949 equity shares held by it. Last week, the country's largest lender State Bank of India (SBI) had approved diluting up to 8.25 per cent stake in UTI AMC.
SBI has also offered to sell up to 1.04 crore equity shares in UTI AMC through the initial public offering (IPO). Life Insurance Corporation of India, SBI, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC.
The US-based T Rowe Price holds 26 per cent stake in the asset management company.