State-owned financial entities PNB, LIC, SBI, and BoB are said to be seeking formal bids for the sale of their 45% stake in UTI Asset Management Company (AMC). The quartet had previously appointed merchant bankers to initiate a sale process but the relationship with the Tata Group reportedly broke down due to a large interest holder insisting on a formal bidding process. While the final value is yet to be determined, UTI AMC was worth INR88bn ($1.2bn) as of Wednesday, with AUM of INR2.39tn ($32.7bn), equating to 6% of India's total industry AUM.