Three UTI stakeholders to sell 6.5% each to T.Rowe
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Mumbai: Three stakeholders of UTI Asset Management said on Monday they will each sell 6.5 per cent in the fund firm to US money manager T. Rowe Price.
State Bank of India, Punjab National Bank and Bank of Baroda will sell 6.5 per cent each in UTI Trustee Company, the firms told the stock exchange.
State-run Punjab National Bank said the stake sale in the mutual fund firm will fetch it Rs 163 crore ($35.1 million). The other two firms did not disclose financial details of the transaction.
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The three banks, along with Life Insurance Corp of India, own 25 per cent each of UTI Asset Management.
Reuters had reported in September that the US money manager will buy a 26 per cent stake in UTI Asset Management, which managed an average assets of Rs 76850 crore in October.
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