PNB to Dilute Stake in UTI Mutual Fund

Published on November 27, 2022
Current Context: The Punjab National Bank (PNB) got approval from the Department of Investment and Public Asset Management (DIPAM) to dilute its stake in UTI Asset Management Company (AMC) Ltd.
PNB to Dilute Stake in UTI Mutual Fund
  • DIPAM approved PNB to sell the entire or a portion of its stake in UTI AMC.
  • PNB is set to divest 15.22% (entire stake) in UTI AMC in single or multiple tranches.
  • PNB will receive around INR 1,329 Cr by selling its entire stake in UTI AMC.
  • PNB is a financial services company established in 1894 with its headquarters in New Delhi. The current MD & CEO of the bank is Atul Kumar Goel.
  • UTI AMC is a mutual fund company that was established in 2002 with its headquarters in Mumbai. The current Director of the company is Narasimhan Seshadri.

Question:

Q.1 Which of the following bank got approval from DIPAM to dilute its stake in UTI Asset Management Company (AMC) Ltd?
a. BOB
b. BOI
c. UBI
d. PNB

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