SBI, PNB, BoB to sell 6.5-per cent stake in UTI Asset Management to T Rowe
09 Nov 2009
State Bank of India, Punjab National Bank and Bank of Baroda today said that they would each sell 6.5 per cent in the fund firm to US money changer T Rowe Price.
Punjab National Bank has informed BSE that it has entered into an agreement with the company to for sale of shares held by the bank in UTI Asset Management Company Ltd and UTI Trustee Company Pvt Ltd.
It said the stake sale in the mutual fund would gross it Rs1.63 billion while the other two companies did not disclose the financial details of the transaction.
The three banks along with Life Insurance Corp of India (LIC) individually own 25 per cent of UTI Asset Management.
PNB will sell 81,25,000 shares of UTI AMC at Rs200 each (aggregating Rs162.50 crore) and 6,500 shares of UTI Trustee at Rs11.92 per share(aggregating Rs77,500 crore) to T Rowe Price together amounting to 6.5 per cent.
