T. Rowe Price Group (TROW) said it closed on its previously announced transaction to acquire a 26% stake in UTI Asset Management Co Ltd and UTI Trustee Company Pvt. Ltd. for US$142.4 million.
T. Rowe Price acquired a 6.5% stake from each of the original four stockholders, State Bank of India, Punjab National Bank, Bank of Baroda, and Life Insurance Corporation of India, who will each retain an 18.5% stake in UTI Asset Management Company.
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