Business Standard

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

T Rowe Price
Premium

T Rowe Price had bought a 26 per cent stake in the company in 2010.

Sachin P Mampatta Mumbai
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 18 2020 | 7:35 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com