PNB shares hit 52-week high after govt nod for UTI AMC stake sale

PNB aims to realise the gain from its investment in UTI AMC. The timing of the divestment is yet to be finalised, it said.

As of September 30, Punjab National Bank held a 15.22 percent stake in the AMC, whereas State Bank of India, Bank of Baroda and Life Insurance Corporation (LIC) held 9.98 percent each. The four promoters together held 45.16 percent in UTI AMC, which is the investment manager to UTI Mutual Funds schemes and provides support to the Specified Undertaking of the Unit Trust of India (SUUTI).

UTI Asset Management Company had a turnover of Rs 1,060.3 crore for the year ended March 2022.

PNB shares have rewarded investors with a return of 27.4 percent in the past one month — a period in which the Nifty50 benchmark has gained 4.7 percent.