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SBI Mutual Fund IPO Opens July 14; Price Band at ₹545–₹574
SBI Mutual Fund IPO opens July 14 at ₹545–₹574. TCS Q1 results due. Dutch prosecutors charge Tata Steel. NLC India, NALCO form JV for 1,080 MW plant.
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State Bank of India set a price band of ₹545 to ₹574 a share for the IPO of its asset management joint venture, SBI Funds Management. The share sale opens for public subscription on July 14 and closes July 16.
The IPO is an offer for sale of up to 20.37 crore shares, roughly 10% of SBI Funds Management's paid-up equity capital. SBI will sell up to 12.83 crore shares; joint venture partner Amundi India Holding will divest up to 7.54 crore shares. Anchor investors bid on July 13.
Tata Consultancy Services reports Q1 results today. Brokerage firms expect a margin decline. Analysts estimate EBIT margins could contract 140–160 basis points sequentially, driven by company-wide wage revisions and a revenue shortfall.
Dutch prosecutors opened a criminal case against Tata Steel's Dutch arm for allegedly polluting the environment. A criminal investigation into the IJmuiden plant found indications the company was not taking enough care to prevent hazardous pollution, prosecutors said.
NLC India and National Aluminium Company signed a 50:50 joint venture agreement to develop a 1,080 MW coal-based captive thermal power plant at Angul, Odisha. The plant will supply power for the partners' expansion projects.
CEAT's board approved an investment of up to ₹2.74 crore in a rights issue of equity shares of Tyresnmore Online, its wholly owned subsidiary.