Dabur India arm acquires Namaste Group for Rs451 crore

Dabur India Ltd said that its US subsidiary Dermoviva Skin Essentials has acquired the personal care firm Namaste Laboratories LLC and its three subsidiary companies for $100 million (about Rs451 crore).

The three subsidiaries include Hair Rejuvenation & Revitalization Nigeria Ltd, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm. The transaction is expected to be completed by the end of 2010, subject to regulatory approvals in the US, the company said.

The acquisition marks Dabur’s entry into the fast-growing $1.5-billion ethnic hair care products market in the US, Europe and Africa.

Founded in 1996, Namaste Laboratories markets a portfolio of products under organic root stimulator brands addressing major hair concerns. It is present in the US, and in several other countries in Africa, West Asia, Europe and Caribbean Region of North America.

User

Personal finance Wednesday

 Future Generali unveils new online term plan Smart Life; IRDA slaps Rs10 lakh penalty on Reliance Life; Shipping Corp files final papers with SEBI for FPO; IDBI Mutual Fund files offer document with SEBI to launch Tax Saving Plan

Future Generali unveils new online term plan Smart Life

Future Generali India Life Insurance Company has launched a new term plan — Smart Life — that can be purchased online.

 Smart Life is a non-linked, non-participating plan that provides rebates on premium for higher sum assured. It offers cover till 68 years, for customers in the age group of 18-60 years, and is also available online.

Future Generali is a joint venture between Future Group of India and Generali Group of Italy.

IRDA slaps Rs10 lakh penalty on Reliance Life

Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs10 lakh on Reliance Life Insurance Company for violating the norms.
The company was directed to pay a penalty of Rs10 lakh and was asked to adhere strictly to the guidelines in future, said an order by IRDA chairman J Hari Narayan which was posted on the official website of the regulator.

Reliance Life, according to the order passed in August by the IRDA, was fined for paying excess referral fees and not following the regulatory guidelines with respect to group products.

The order followed a meeting between the IRDA officials and Reliance Life management in July, during which six charges were discussed.

The insurance regulator has observed that Reliance Life had paid excess referral fees than envisaged in the referral guideline.

In its reply to the IRDA, the company had agreed for the lapses and said that these fees were paid in anticipation of business volumes to be generated as per initial commitments.

"The company is directed to pay a penalty of Rs5 lakh for the violation and cautioned to ensure that they adhere strictly to the guidelines in future," the IRDA said.

The regulator has also said that the company has deviated in the "F&U procedure" particularly in group products and the comments received from the company on this were not satisfactory.

"The company is directed to pay a penalty of Rs5 lakh for the violation and cautioned to ensure that they adhere strictly to the guidelines in future," IRDA said.

Shipping Corp files final papers with SEBI for FPO

Shipping Corporation of India has filed the final papers with the Securities and Exchange Board of India (SEBI) for its upcoming follow-on public offer (FPO).
The Rs1,300 crore FPO is likely to hit the capital markets by the end of November or early December.

The government in October, had approved selling its 10% stake, comprising 42.35 million shares, in Shipping Corporation of India and allowed the company to issue fresh equity to the tune of 10% of the paid-up capital.

Post stake sale, the government's holding in the company will come down to 63.75% from 80.12% currently.

The company plans to use the money for its expansion plans, which includes entry into port and terminal management in joint venture with a global company. It has already expressed interest in picking up 10%-15% in leading shipbuilders in the country.

Retail investors and employees of the largest domestic shipping liner would get 5% discount on the issue price in the FPO, while the employees will also get a quota of 0.5% of share sale.

The company had appointed SBI Caps, IDFC Capital and ICICI Securities as the book running lead managers for the issue in August.

IDBI Mutual Fund files offer document with SEBI to launch Tax Saving Plan

IDBI Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch IDBI Tax Savings Plan, an open-ended equity linked savings scheme (ELSS). The new fund offer (NFO) price is Rs10 per unit.

The Scheme will seek to invest predominantly in the stocks and equity-related instruments comprising the BSE Sensitive Index (Sensex) passively, with the objective to provide investors with opportunities for capital appreciation and income along with the benefit of income-tax deduction (under Section 80C of the Income-Tax Act) on their investments. Investments in this scheme would be subject to a lock-in period of three years from the date of investment to avail the income-tax benefits under Section 80C.

The scheme will invest 80%-100% in equity and equity-related instruments linked to the constituents of Sensex. The scheme shall also invest up to 20% in debt and money market instruments.

The scheme will offer growth and dividend option. The exit load for the scheme is nil. The minimum investment amount is Rs500. The minimum target amount is Rs1 crore.

The benchmark index for the scheme will be BSE Sensitive Index. The scheme will be managed by Syed Sagheer.

User

Personal finance Tuesday

Future Generali unveils new online term plan Smart Life; IRDA slaps Rs10 lakh penalty on Reliance Life; Shipping Corp files final papers with SEBI for FPO; IDBI Mutual Fund files offer document with SEBI to launch Tax Saving Plan

Future Generali unveils new online term plan Smart Life

Future Generali India Life Insurance Company has launched a new term plan - Smart Life - that can be purchased online.

 Smart Life is a non-linked, non-participating plan that provides rebates on premium for higher sum assured. It offers cover till 68 years, for customers in the age group of 18-60 years, and is also available online.

Future Generali is a joint venture between Future Group of India and Generali Group of Italy.

IRDA slaps Rs10 lakh penalty on Reliance Life

Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs10 lakh on Reliance Life Insurance Company for violating the norms.
The company was directed to pay a penalty of Rs10 lakh and was asked to adhere strictly to the guidelines in future, said an order by IRDA chairman J Hari Narayan which was posted on the official website of the regulator.

Reliance Life, according to the order passed in August by the IRDA, was fined for paying excess referral fees and not following the regulatory guidelines with respect to group products.

The order followed a meeting between the IRDA officials and Reliance Life management in July, during which six charges were discussed.

The insurance regulator has observed that Reliance Life had paid excess referral fees than envisaged in the referral guideline.

In its reply to the IRDA, the company had agreed for the lapses and said that these fees were paid in anticipation of business volumes to be generated as per initial commitments.

"The company is directed to pay a penalty of Rs5 lakh for the violation and cautioned to ensure that they adhere strictly to the guidelines in future," the IRDA said.

The regulator has also said that the company has deviated in the "F&U procedure" particularly in group products and the comments received from the company on this were not satisfactory.

"The company is directed to pay a penalty of Rs5 lakh for the violation and cautioned to ensure that they adhere strictly to the guidelines in future," IRDA said.

Shipping Corp files final papers with SEBI for FPO

Shipping Corporation of India has filed the final papers with the Securities and Exchange Board of India (SEBI) for its upcoming follow-on public offer (FPO).
The Rs1,300 crore FPO is likely to hit the capital markets by the end of November or early December.

The government in October, had approved selling its 10% stake, comprising 42.35 million shares, in Shipping Corporation of India and allowed the company to issue fresh equity to the tune of 10% of the paid-up capital.

Post stake sale, the government's holding in the company will come down to 63.75% from 80.12% currently.

The company plans to use the money for its expansion plans, which includes entry into port and terminal management in joint venture with a global company. It has already expressed interest in picking up 10%-15% in leading shipbuilders in the country.

Retail investors and employees of the largest domestic shipping liner would get 5% discount on the issue price in the FPO, while the employees will also get a quota of 0.5% of share sale.

The company had appointed SBI Caps, IDFC Capital and ICICI Securities as the book running lead managers for the issue in August.

IDBI Mutual Fund files offer document with SEBI to launch Tax Saving Plan

IDBI Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch IDBI Tax Savings Plan, an open-ended equity linked savings scheme (ELSS). The new fund offer (NFO) price is Rs10 per unit.
The Scheme will seek to invest predominantly in the stocks and equity-related instruments comprising the BSE Sensitive Index (Sensex) passively, with the objective to provide investors with opportunities for capital appreciation and income along with the benefit of income-tax deduction (under Section 80C of the Income-Tax Act) on their investments. Investments in this scheme would be subject to a lock-in period of three years from the date of investment to avail the income-tax benefits under Section 80C.

The scheme will invest 80%-100% in equity and equity-related instruments linked to the constituents of Sensex. The scheme shall also invest up to 20% in debt and money market instruments.

The scheme will offer growth and dividend option. The exit load for the scheme is nil. The minimum investment amount is Rs500. The minimum target amount is Rs1 crore.

The benchmark index for the scheme will be BSE Sensitive Index. The scheme will be managed by Syed Sagheer.
 

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