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T Rowe to buy into India's UTI Asset Management, UTI Trustee

MUMBAI, Nov 10, 2009 (Asia In Focus via COMTEX) --

Companies: Bank of India (BKIAF), Punjab National Bank (PUJBF)

Foreign institutional investor T ROWE PRICE is set to acquire as much as 19.5 per cent stake in India's UTI ASSET MANAGEMENT COMPANY as well as UTI TRUSTEE. Three shareholders of UTI Asset Management Company and UTI Trustee Company--STATE BANK OF INDIA (SBI) (BSE:500112), PUNJAB NATIONAL BANK (PNB) (BSE:532461) and BANK OF BARODA (BOB) (BSE:532134)- informed the stock exchanges Monday that each of them would divest 6.5 per cent in both the entities to T Rowe Price.

* Each of the three institutions at present holds 25 per cent equity in UTI Asset Management Company as well as UTI Trustee Company and pursuant to the said transaction, their shareholding would drop to 18.50 per cent.

* The said transaction is subject to requisite statutory and regulatory approvals.

Copyright (C) 2009 Asia in Focus. All rights reserved

News Provided by COMTEX

Companies: Bank of India (BKIAF), Punjab National Bank (PUJBF)


Related terms: acquisition, bank, equity, india

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