The State Bank of India (SBI) board on Wednesday approved the lender’s proposal to sell 8.25% stake in UTI AMC. The SBI will divest up to through IPO by way of offer for sale of up to 1,04,59,949 equity shares. SBI, Life Insurance Corporation Punjab National Bank (PNB) and Bank of Baroda (BoB) own 18.5% stake each in UTI AMC.