BNP Paribas Mutual Fund launches Fixed Term Fund-Series 21 F

BNP Paribas Mutual Fund new issue closes on 10th March

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 21 F, a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

The new issue closes on 10th March. The minimum investment amount is Rs5,000.

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China Development Bank signs pact for $1.93 billion loan facility for RCom

The financing represents the first and largest ever syndicated loan for refinancing spectrum fees and imports/domestic expenditure of telecom equipment from Chinese vendors

Mumbai: The Anil Dhirubhai Ambani Group's mobile service provider Reliance Communications (RCom) today signed final documentation with China Development Bank (CDB) for a Rs6,000 crore ($1.33 billion) loan facility. The loan facility is fully underwritten by CDB, and will be funded by a syndicate of Chinese banks/financial institutions including CDB. This represents the first and largest ever syndicated loan for refinancing spectrum fees.

RCom has also signed an additional agreement for Rs2700 crore ($600 million) with CDB, for financing imports/domestic expenditure of telecom equipment from Chinese vendors (namely, Huawei and ZTE).

RCom has already received the Reserve Bank of India (RBI) approval for the facilities, and draw down is expected to commence shortly.

The aggregate financing of Rs8700 crore ($1.93 billion) has a maturity period of 10 years, contributing to significant extension of RCom's debt maturity profile, apart from substantial savings in interest costs.

RCom had earlier received an in-principle approval from CDB for these facilities, and had executed a memorandum of understanding with CDB, during the visit of Chinese prime minister Wen Jiabao to India in December 2010.

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Nationwide MNP requests crossed 38 lakh in February

Out of the total requests for MNP in the month, Gujarat received 3.65 lakh requests, followed by Haryana with 3.20 lakh requests, Karnataka 3.18 lakh requests and Rajasthan 3.14 lakh requests

New Delhi: The number of unsatisfied mobile phone users crossed 38 lakh by end of February, with Gujarat reporting the highest number of customers willing to change their service providers through Mobile Number Portability (MNP) service, reports PTI.

As per the data provided by the service providers to the Telecom Regulatory Authority of India (TRAI), by the end of February 2011, about 38.33 lakh subscribers have submitted their requests to different service providers for porting (shifting) their mobile number.

Out of these requests around 3.20 lakh pertains to Haryana where MNP was implemented from 25 November 2010.

In rest of the country, in MNP zone-1 (Northern and Western India) maximum number of requests have been received in Gujarat (3.65 lakh) followed by Rajasthan with 3.14 lakh requests, according to the statement issued by TRAI.

In MNP zone-2 (Southern and Eastern India) maximum number of requests have been received in Karnataka (3.18 lakh) followed by Tamil Nadu Service area (2.76 lakh).

Telecom service providers in Jammu & Kashmir circle received only 1,291 requests for their changing service provider.

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