UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors � State Bank of India [Get Quote], Life Insurance Corporation, Punjab National Bank [Get Quote] and Bank of Baroda [Get Quote] -- offload up to 50 per cent stake.

UTI Asset Management Company Ltd chairman and managing director U K Sinha told PTI that the board of the company had recently approved the proposal to offload up to 50 per cent stake held by the four sponsors.

SBI, LIC [Get Quote], PNB and BoB, individually hold 25 per cent stake each in the asset management firm.

Sinha said UTI AMC would probably be the first domestic mutual fund in the country to go for an initial public offer, through which the four sponsors would make a partial exit.

He said the details on the valuation of the company were being worked out.

The valuation of the firm was last done in November 2005, when the four sponsors bought stake in it.