Axis Mutual Fund new issue closes on 6th September
Axis Mutual Fund has launched Axis Fixed Term Plan-Series 15 (370 days), a close-ended income scheme.
The investment objective of the scheme is to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the plan. The tenure of the scheme is 370 days.
The new issue closes on 6th September. The minimum investment amount is Rs5,000.
Ninad Deshpande and Sivakumar are the fund managers.
The FPO is likely to open on 20th September and close on 23rd September. The government plans to sell 5%, or 427.77 million shares, through the offer
New Delhi: State-owned exploration major Oil and Natural Gas Corporation (ONGC) is expected to file papers for its much-delayed Rs12,000 crore share sale with market regulator Securities and Exchange Board of India (SEBI) today, reports PTI.
The follow-on public offer (FPO) is likely to open on 20th September and close on 23rd September, sources privy to the development said.
The board of ONGC had last week approved the red herring prospectus (RHP) that will be filed with SEBI today. The government plans to sell 5%, or 427.77 million shares, through the FPO.
Sources said the RHP incorporates the financials of the company till the April-June quarter.
The FPO was originally planned in the 2010-11 fiscal, but the launch was later deferred to 5th April as the company did not have an adequate number of independent directors on its board to meet market regulator SEBI's listing norms.
It was then rescheduled for 5th July, but was again deferred due to adverse market conditions.
The government had in January appointed Citigroup, Nomura Holdings, Bank of America Corp, HSBC Holdings, JM Financial Services and Morgan Stanley to manage ONGC's share sale.
After the FPO, the government's stake in ONGC will come down to 69.14% from the current level of 74.14%.
The government's ad-hoc subsidy sharing mechanism has cast a shadow over ONGC's share sale during recent months.
The investment would help Bandhan shore up its networth to nearly Rs650 crore by March 2012
Microfinance major Bandhan today announced that it has successfully raised equity worth Rs135 crore from International Finance Corporation, the investment unit of the World Bank.
The investment would help Bandhan shore up its networth to nearly Rs650 crore by March 2012. Bandhan is projected to reach out to 6.5 million customers with a loan book of Rs5,000 crore maintaining minimum capital adequacy ratio (CAR) of 17%.
"Bandhan already has SIDBI, a highly reputed national financial institution as its investor. We are delighted with IFC coming in now as an internationally acclaimed institution. Equity infusion by IFC will help us increase our capital not only to reach out to additional 1,000,000 poor but also help build world class good governance and system. We are happy that like-minded institutions are joining hands to address the common objective of development of the poor," said Chandra Shekhar Ghosh, chairman & managing director, Bandhan.
"Bandhan is a great partner to work with. We are privileged to have the ability to participate in the important work being done by Bandhan in West Bengal and other low income states of India to promote financial inclusion, one of the key strategic priorities for IFC in India," said Thomas Davenport, IFC Director for South Asia. "Bandhan's work in microfinance reflects the difference that can be made to under-served rural and semi-urban communities who have not had access to financial services traditionally. We are delighted to be able to contribute to Bandhan's efforts."
The plan is to reach out to nearly 1,000,000 poor women with this assistance coming in from IFC. Company projects to disburse Rs5,300 crore during FY11-12 and increasing its loan book to Rs3,200 crore by March 2012. This support from IFC will help in contributing to employment creation, poverty reduction and providing capacity building support to further strengthen governance, risk management, IT system, product development, environmental and social standards so as to ????establish best practices and make Bandhan an ideal institution.
Bandhan Financial Services Pvt Ltd is registered as a non-banking financial company (NBFC) with the Reserve Bank of India (RBI) and incorporated under the companies Act 1956. The last equity infusion in the company was by one of its largest lenders, SIDBI to the tune of Rs50 crore thereby making them its investor in December 2009.