India's PNB to sell 6.5 pct in UTI arms to T.Rowe Price

MUMBAI, Nov 9 (Reuters) - India's Punjab National Bank (PNBK.BO: Quote, Profile, Research) said on Monday it will sell 6.5 percent stake each in UTI Asset Management and UTI Trustee Co to U.S. money manager T. Rowe Price.

The stake sale in the asset management company will fetch the state-run lender 1.63 billion rupees, it told the stock exchange.

Punjab National Bank holds 25 percent stake in India's oldest mutual fund firm. (Reporting by Nishant Kumar; editing by Sunil Nair)