Three UTI stakeholders to sell 6.5% each to T.Rowe

Three UTI stakeholders to sell 6.5% each to T.Rowe

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.

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