Cyril Amarchand Mangaldas Advises in Relation to Sale of 25.53% Stake by SBI, LIC, and BoB in UTI Trustee Company to T. Rowe Price International

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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.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

The firm, Cyril Amarchand Mangaldas, was recently awarded with “India – Firm of the Year” at the AsiaLaw Regional Awards 2019 and “India Deal Firm of the Year” at the In-House Community Counsels of the Year Awards 2019. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2018” at the IFLR Asia Awards, having also been successful in winning the prestigious & coveted “National Law Firm of the Year, 2018 for India” at the Chambers Asia-Pacific Awards. The firm was also voted as the “Employer of Choice for 2018” from India, by the Asian Legal Business, now 4 years in a row, building upon.

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