T Rowe Price signs agreement to acquire majority stake in UTI Trustee

The deal will give it over 51 per cent stake in the trustee even as the stake of three public sector shareholders will fall to under 10 per cent in UTI Trustee Company

Global investment management firm T Rowe Price has entered an agreement to get majority stake in the trustee of UTI Asset Management Company.

The deal will give it over 51 per cent stake in in UTI Trustee Company even as the stake of three public sector shareholders drops to under 10 per cent.

“…three sponsors – State Bank of India, Bank of Baroda (and) Life Insurance Corporation of India – and T Rowe Price International… and UTI Trustee Company…have entered into a share purchase agreement dated November 11 for further divestment of 8.51 (per cent) equity stake by each of the three