Mumbai: US. firm T Rowe Price may buy a 26% stake in India’s UTI Asset Management for Rs6.5-7 billion ($134-144 million), the Economic Times newspaper said, citing two unnamed sources it said were familiar with the development.
The deal, if it were to finally go through, would value India’s oldest mutual fund house between Rs25 to 28 billion or 4-5% of its assets, the paper said on Friday.
A T Rowe official told the paper she had no comment. UTI’s chief marketing officer said the stake sale was on and he was hopeful it would be completed shortly, repeating a standard a line of the firm for the last 6 months.
UTI Mutual Fund officials could not be reached for immediate comments.