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State Bank of India, Punjab National Bank and Bank of Baroda will sell 6.5 percent each in UTI Trustee Company, the firms told the stock exchange.
State-run Punjab National Bank said the stake sale in the mutual fund firm will fetch it 1.63 billion rupees ($35.1 million). The other two firms did not disclose financial details of the transaction.
The three banks, along with Life Insurance Corp of India, own 25 percent each of UTI Asset Management.
Reuters had reported in September that the US money manager will buy a 26 percent stake in UTI Asset Management, which managed an average assets of 768.5 billion rupees in October.
A UTI spokesman could not be reached for comment immediately.
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