HDFC Mutual Fund introduces 92 days fixed maturity plan

HDFC Mutual Fund new issue closes on 12th September

HDFC Mutual Fund has launched HDFC FMP 92D September 2011 (1), a close-ended income scheme.

The investment objective of the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s). The tenure of the scheme is 92 days.

The new issue closes on 12th September. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Bharat Pareek and Miten Lathia (for overseas investments) are the fund managers.

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Axis Mutual Fund launches Fixed Term Plan-Series 15

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.

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ONGC to file RHP for Rs12,000 crore follow-on public offer

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.

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