Bank of Baroda to sell stake in UTI AMC to T. Rowe Price

Mon Nov 9, 2009 9:17am IST

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MUMBAI (Reuters) - Bank of Baroda said on Monday it signed a definitive agreeement to sell 6.5 percent stake each in UTI Asset Management Co and UTI Trustee Co to U.S.-based T. Rowe Price.

The bank's shareholding in both these companies will fall to 18.5 percent after the divestment, Bank of Baroda said in a statement to the stock exchange.

(Reporting by Bharghavi Nagaraju; Editing by Sunil Nair)

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