UTI AMC to launch IPO on September 29:
UTI Asset Management Company is likely to launch its IPO on September 29. The company plans to raise Rs 3,000 core via the issue. SBI, LIC, PNB, BoB and T Rowe Price are looking to divest their stake via this issue.
The issue will close on October 1 and the price band is not yet decided by the company.
Rice production estimated at a record high:
Union Agriculture Ministry released a positive outlook on Kharif crops for 2020-21. India's rice production is estimated at a record 102.36 mn tonnes in the Kharif season of 2020-21. Rice production was at 101.98 MT in the Kharif season of the 2019-20 crop year.
Total foodgrain output is estimated at a record 144.52 MT as against 143.38 MT in the previous year.
KKR to buy 1.28% stake in Reliance Retail:
American buyout firm KKR & Co will invest Rs 5,550 crore in Reliance Retail in exchange for a 1.28 percent stake. This is the second deal stitched up by the Reliance Industries Ltd (RIL) unit in as many weeks.
Private equity giant Silver Lake invested Rs 7,500 crore in Reliance Retail for a 1.75% stake last week. We expect RIL to rope in more investors in its retail arm in the coming months.