Cyril Amarchand Mangaldas acted as the legal counsel to State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bank of Baroda (BoB), and UTI Trustee Company Private Limited (UTI) on sale of 25.53% stake by SBI, LIC, BoB in UTI to T. Rowe Price International Limited (T. Rowe Price).
The General Corporate Practice of Cyril Amarchand Mangaldas advised on the Transaction. The General Corporate team was led by Smruti Shah, Partner; with support from Aviral Chauhan, Senior Associate; Siddhant Sattur, Associate and Devanshi Dalal, Associate. The Yash J. Ashar, Partner & Head – Capital Markets and S. Vivek, Partner provided strategic advice on the Transaction.
As part of the Transaction, SBI, LIC, and BOB (collectively referred to as the “Sellers“) each sold 8.51% of their shareholding in UTI aggregating to 25.53% of its total share capital, to an existing shareholder (T. Rowe Price), pursuant to an order from SEBI to ensure compliance with the requirements prescribed under SEBI (Mutual Funds) Regulations, 1996.
The Offer was signed on November 11, 2020 and closed on November 18, 2020.
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