The Punjab National Bank (PNB) on Thursday said it received the government’s approval to divest its entire stake in UTI Asset Management Company as part of its non-core asset sale plan to shore up its capital base.

“The Exchange is hereby informed that the Bank has received approval of DIPAM, Ministry of Finance, for divestment of Bank’s entire/part stake in UTI Asset Management Company Limited in single or multiple tranches subject to compliance of Regulations/other applicable regulatory guidelines,” said in a stock exchange filing.

The bank holds 15.22 per cent stake in worth around Rs 1300 crore at current valuation.

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