iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

PNB soars on Govts nod to divest its entire stake in UTI AMC

25 Nov 2022 , 09:52 AM

UTI Asset Management Company (UTI AMC) is the investment manager to the schemes of UTI Mutual Fund. It also manages offshore funds and provides support to the Specified Undertaking of the Unit Trust of India. The AMC had recorded a turnover of Rs 1,060.27 crore in FY 2021-22. The AMC has been promoted by four sponsors, namely, State Bank of India, Life Insurance Corporation of India, Bank of Baroda and Punjab National Bank and presently, they collectively hold 45.16% of the shares of UTI AMC. The bank has decided to divest its part/entire stake in UTI AMC in single or multiple tranches for realization of gain on investment,? PNB said in a statement. Following the announcement, shares of Punjab National Bank zoomed 6.40% to currently trade at Rs 54.05 on the BSE. Concurrently, the scrip of UTI AMC advanced 4.28% to Rs 718.85. As on date, PNB held 15.22% stake or 1.93 crore shares of UTI AMC. At the current market price, gross proceeds that would accrue to PNB from the said divestment is Rs 1,388.91 crore. Punjab National Bank (PNB) is the second largest public sector bank (PSB) and the third largest bank in the Indian banking system. It is engaged in the business of treasury, corporate/wholesale banking, retail banking, and other banking operations. The Government of India (GoI) held 73.15% stake in the bank as on 30 September 2022. The banks net profit declined 62.8% to Rs 411.27 crore despite of 8.2% rise in total income of Rs 23,001.26 crore in Q2 FY23 over Q2 FY22.Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.