UTI AMC To Launch Rs 3,000 Crore IPO On 29 September
UTI AMC to launch Rs 3,000 crore IPO on 29 September; SBI, LIC, and T Rowe will sell their stake. UTI Asset Management Company will offer its IPO for subscription on September 29.
The company plans to raise 3,000 crores through this issue. The public issue will see the sale of 3,89,87,081 equity shares by State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda, and T Rowe Price International.
State Bank of India, LIC, and Bank of Baroda will sell 1,04,59,949 equity shares through the offer for sale, while PNB and T Rowe International will sell 38,03,617 equity shares.
The offer includes a reservation of 2 lakh equity shares for eligible employees of the company. These offers will constitute at least 30.75 percent of the total payment equity. This issue will close on 1 October.
Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets are the book running lead managers. Explain that equity shares are proposed to be listed on BSE and National Stock Exchange.
This will be the tenth IPO to be launched in 2020 after SBI Card, Rosari Biotech, Mindspace Business Park REIT, Happiest Minds Technologies, Root Mobile, Compute Edge Management Services, Chemical Specialty Chemicals, Angel Broking, and Lakitha Infrastructure.
Meanwhile, the Sensex fell more than 500 points in early trade on Thursday due to heavy selling in global markets and the withdrawal of foreign funds.
Shares of all Sensex companies were at a loss. Mahindra & Mahindra, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv, and ICICI Bank declined nearly three percent.
The domestic stock market opened on the red mark on Thursday. Bombay Stock Exchange’s major index Sensex opened down 487.43 points at 37180.99 level. At the same time, the National Stock Exchange’s Nifty lost 135.50 points to open at 10996.35.
The stock market closed down on the previous trading day. The Sensex was down 65.66 points at 37668.42 and the Nifty was down 21.80 points at 11131.85.
