PNB inks deal with T. Rowe Prince Global Investment
Submitted by Anuj Gupta on Mon, 11/09/2009 - 19:19
Tagged with
State-run banking major Punjab National Bank (PNB) has entered into an agreement with T. Rowe Price Global Investment Services Ltd for the sale of shares held by the bank in UTI Asset Management Company Ltd and UTI Trustee Company Pvt. Ltd.
Accordingly, the lender will sell 81.25 lakh shares of UTI AMC at Rs 200 per piece (aggregating Rs 162.50 crore) and 6500 shares of UTI Trustee at Rs 11.92 each share (aggregating Rs 77,500) to T. Rowe Price, which together comes to 6.5%.
It should be noted that PNB is one of the original sponsors of UTI Asset Management Company Ltd and UTI Trustee Company Pvt. Ltd (UTI Trustee) along with three other institutions (each holding 25% of equity).