Govt not likely to dilute SUUTI stake in listed companies in current fiscal

Rejecting need to dilute stake in private companies through SUUTI route, government has said that it is certain to meet its disinvestment target for the current fiscal through offloading minority interests and strategic sale of state-owned companies.

Last Updated: Apr 25, 2016, 19:20 PM IST

Zee Media Bureau

New Delhi: Rejecting need to dilute stake in private companies through SUUTI route, government has said that it is certain to meet its disinvestment target for the current fiscal through offloading minority interests and strategic sale of state-owned companies.

"Dilution of stake held by SUUTI is not a priority now. We will focus on PSU stake sales through OFS and IPO. We will also look at strategic sale at appropriate time," said a source.

Specified Undertaking of UTI (SUUTI), formed in 2003, is an offshoot of erstwhile UTI. It has investments in several unlisted companies.

Among the listed entities, SUUTI holds 11.72 per cent in Axis Bank, 11.27 per cent in ITC and 8.18 per cent in L&T.

With PTI inputs