Birla Sun Life MF floats 253 days fixed maturity plan

Birla Sun Life Mutual Fund new issue closes on 22nd June

Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 18, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 253 days.

The new issue closes on 22nd June. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager of the scheme.

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SRS to launch Rs225 crore IPO next month

SRS will issue around 3.5 crore equity shares under the IPO

Faridabad-based SRS Ltd, which has interests in cinema exhibition, retail and food courts, said it will launch an initial public offer (IPO) to raise up to Rs225 crore by next month.

The company will issue around 3.5 crore equity shares under the IPO, through which the promoters will dilute a 25.13% stake. The proceeds of the public issue will be utilised to fund expansion plans.

“We have already received regulatory approvals from the Securities and Exchange Board of India and stock exchanges. With the IPO, we wish to raise Rs225 crore to fund expansion across business segments,” SRS Ltd chairman and managing director Anil Jindal told PTI.

The company has roped in SPA Merchant Bankers, IDBI Capital Markets and Karvy Investor Services to manage the issue, which will be carried out through a book-building process.

“By July-end, we will launch the offer,” he added. Jindal said the proceeds from the IPO will be utilised to increase the number of cinema exhibition screens, retail stores, jewellery stores and food courts currently operated by SRS in North India.

“We are adding 54 new cinema screens, 33 new food courts, 29 retail stores and 17 jewellery stores to our existing network,” he said.

At present, the company operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.

“Our focus is to establish a strong presence across business verticals in tier-II and tier-III cities and towns across the country,” Jindal said.

The company also operates five jewellery retail and wholesale outlets and a jewellery manufacturing unit in Delhi.

For the fiscal year ended 31 March 2011, the company’s total turnover amounted to Rs2,042 crore, Jindal said.

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Online mediclaim: Sorry, only 20% off

If online customers carry lower risk, why are they not getting a much cheaper rate?

Health insurance (mediclaim and other products) offer no difference in premium for online purchase. It is unlikely that there will be any major discounts in the future for online health insurance. It could be a maximum of 20% (this figure is based on conversations that Moneylife has had with different general insurers). As mentioned earlier, online term life insurance is offered at a huge discount due to the profile of customers they are choosing. Educated, net-savvy customers will need good healthcare facilities and, hence, it is unlikely that online health insurance products can be offered at a discount to them. Advances in medical science will increase longevity, but may not necessarily lead to better health for all.

According to Subrahmanyam B, vice-president and head, health vertical, Bharti AXA General Insurance, “We will offer online mediclaim in two-three months. As far as discounts are concerned, since we would be in a position to save on acquisition costs by offering policies online, we would like to pass this on to our customers. However, this is subject to approval from the regulator.”

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