The divestment of the Unit Trust of India's strategic holdings in various entities is imminent and LIC is keen to acquire its 33 per cent holding in the banking subsidiary.
LIC, with the General Insurance Corporation (GIC), is a founder-member of UTI Bank. In February LIC increased its 6.65 per cent stake in the bank to 13.54 per cent. It acquired the extra stake at Rs 42.75 a share.
The UTI Bank scrip closed on the Bombay Stock Exchange at Rs 77.50 on Friday.
LIC will, however, have to wait for the Centre to decide on the fate of UTI and its subsidiaries before it approaches the Insurance Regulatory and Development Authority (IRDA) for special permission to acquire more than a 20 per cent stake in the bank.
