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Small Industries Development Bank of India (Sidbi) looking for a 10% stake in UTI Bank

Small Industries Development Bank of India (Sidbi) is looking for a 10% stake in UTI Bank, currently held by the administrator of the special undertaking of Unit Trust of India (SUUTI), better known as UTI-I. Presently 10% is the maximum holding by a single entity allowed by the RBI.

Earlier, Life Insurance Corporation had expressed interest in acquiring 27.5% stake held by SUUTI. However, the corporation did not succeed as the government was willing to offer only 10% to the institution.

HSBC, which had entered into an arrangement to hike its stake in the bank after buying a strategic stake held by the erstwhile Commonwealth Development Corporation, had to pull back after the RBI stepped in. The British bank continues to hold 12.1% in the bank and will continue to be the second largest shareholder even after SUUTI sells the 10% stake.

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