Axis Mutual Fund new issue closes on 11th August
Axis Mutual Fund has launched Axis Hybrid Fund-Series 1, a close-ended income scheme.
The investment objective of the scheme is to generate income by investing in high quality fixed income securities, whilst the secondary objective is to generate capital appreciation by investing in equity and equity related instruments. The tenure of the scheme is three years.
The new issue closes on 11th August. The minimum investment amount is Rs5,000.
Crisil MIP Blended Index is the benchmark index. Sivakumar and Jinesh Gopani are the fund managers.
The IPO would open on 29th July and close on 30th September
Copper-gold and base metals explorer Mogul Resources, which has three highly prospective projects in India, plans to list on the Australian Securities Exchange (ASX) in October.
Mogul launched an Australian dollar (A$)7.5 million public share offer "to pursue exploration across a portfolio of Indian resource projects," the firm said in a statement. The company, which currently has licence to mine for minerals in three states, has applied for another 15.
The IPO, where 37.5 million fresh shares are being sold at an issue price of A$0.20 a piece, would open on 29th July and close on 30th September. The company plans to list on the ASX around 21st October. Listing on ASX would enable it to launch an aggressive exploration and drilling campaign, initially at the Pali Project-located in mineral-rich Rajasthan. The region boasts of several lead-zinc mines and produces most of India's copper and lead-zinc output.
"Mogul has assembled three key projects-Rajasthan (coper-gold, lead-zinc), Karnataka (gold, base metals) and Andhra Pradesh (base metals)-all of which are considered prospective and offer significant potential for the discovery of new deposits," it said. Its managing director Harjinder Kehal, said the exploration scene in India was at a stage where Australia was in the 1980s.
"India has a very favourable geology with Archaean greenstone belts similar to the Yilgarn and Proterozoic terrains of Western Australia, combined with a rapidly growing domestic market for minerals underpinned by an economy whose growth is surpassed only by China," he said. Mogul will first focus on the Sandarla prospect within the Pali Project, a large multi-element mineralised zone.
"Follow-up soil sampling, including both extension and in-fill sampling was completed in April 2011, with results awaited. Drill testing is scheduled to commence in December 2011 quarter following the IPO listing," the statement said.
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