Uti Exits Sterlite Via Buyback

The Unit Trust of India (UTI), participating in the buyback offer of Sterlite Industries, has encashed the cheque for its entire holding of 1.37 per cent of the capital amounting to 7.63 lakh shares.

The buyback programme of Sterlite was expected to face some hassles, with the Life Insurance Corporation of India (LIC) deciding not to participate in the programme.

Financial institutions including LIC, UTI and General Insurance Corporation (GIC) held around 7.69 per cent of the company