Mumbai: Three stakeholders of UTI Asset Management on Monday said that they will each sell 6.5% 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% each in UTI Trustee Company, the firms told the stock exchange.
State-run Punjab National Bank said that the stake sale in the mutual fund firm will fetch it Rs162.9 crore ($35.1 million). The other two firms did not disclose financial details of the transaction.
The three banks, along with Life Insurance Corp of India, own 25% each of UTI Asset Management.
It was reported in September that the US money manager will buy a 26% stake in UTI Asset Management, which managed an average assets of Rs76850 crore in October.
A UTI spokesman could not be reached for comment immediately.