Important news for two big government bank users, government approval to sell stake in Mutual Fund


There’s essential information for the purchasers of two public sector banks. State-owned Punjab Nationwide Financial institution as we speak stated on Thursday that it has acquired authorities approval to promote its total stake in UTI Asset Administration Firm Restricted. In line with a Mint information, PNB is doing this beneath the non-core asset sale plan to extend its capital base.

Considerably, PNB holds about 15.22 per cent stake in UTI AMC. At this time i.e. on Thursday, it has been informed by the corporate that the financial institution has obtained approval from the federal government to promote stake in UTI AMC. The mutual fund will divest its total stake within the firm in a single or a number of tranches for revenue realization. Allow us to let you know, in accordance with the market worth, the full worth of PNB’s stake in UTI AMC is Rs 1329 crore.

Different banks are additionally the shareholders of UTI AMC: Allow us to let you know, PNB is among the sponsors of India’s oldest mutual fund firm. Other than Punjab Nationwide Financial institution, State Financial institution of India, Life Insurance Company of India, Financial institution of Baroda even have stake in UTI AMC.

PNB share worth elevated: On the identical time, after the information of promoting stake in UTI AMC, the share of Punjab Nationwide Financial institution, one of many largest public sector banks within the nation, registered an increase. At this time i.e. on Friday, the share worth of PNB reached Rs.53.60. A rise of 5.41 per cent i.e. Rs 2.75 was registered within the share of PNB.

Observe: This information is made on the premise of knowledge. Earlier than investing, do take the opinion of an knowledgeable.

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