You are here: Home » Companies » News
Business Standard

SBI board clears divestment of over 8.5% stake in UTI Trustee Company

The divestment, it said, has been approved to comply with Regulation 7B of the Securities and Exchange Board of lndia (Mutual Funds) (Amendment) Regulation, 2018

Topics
sbi | UTI | Divestment

Press Trust of India  |  New Delhi 

SBI

State Bank of India (SBI) on Tuesday said its board of directors has approved to divest over 8.5 per cent in Trustee Company.

"The executive committee of the central board of directors of State Bank of India approved the of 8,510 equity shares constituting 8.51 per cent of the bank's stake in Trustee Company Pvt Ltd," said in a regulatory filing.

The divestment, it said, has been approved to comply with Regulation 7B of the Securities and Exchange Board of lndia (Mutual Funds) (Amendment) Regulation, 2018.

According to the regulation, no sponsor of a mutual fund, its associate or group company can have 10 per cent or more of the shareholding or voting rights in the asset management company (AMC) or trustee company of any other mutual fund.

It also cannot have representation on the board of the AMC or trustee company of any other mutual fund.

SBI's shares on Tuesday closed 5.56 per cent higher at Rs 231.70 apiece on the BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 10 2020. 21:37 IST
RECOMMENDED FOR YOU
.