By David Macfarlane
T. Rowe Price Group has completed the deal for its 6.5 billion rupees (US$142.4 million), 26% stake in UTI Asset Management Company Limited and UTI Trustee Company Pvt Ltd.
The US-based global investment management organisation acquired a 6.5% stake from the four original stockholders – State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India: each will maintain an 18.5% stake in UTI Asset Management Company. ICICI Securities Ltd in Mumbai represented T. Rowe Price during this transaction.
