Personal finance Monday

Sundaram BNP Paribas MF floats Sundaram BNP Paribas Fixed Term Plan-AN; Fortis MF unveils Fortis Fixed Term Fund-Series 18D; Fidelity MF launches Fidelity Fixed Maturity Plan-Series III-Plan D; DSP BlackRock MF introduces dividend transfer plan

Sundaram BNP Paribas MF floats Sundaram BNP Paribas Fixed Term Plan-AN

Sundaram BNP Paribas Mutual Fund has launched Sundaram BNP Paribas Fixed Term Plan-AN, a close-ended debt scheme. The investment objective of the scheme is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme. The scheme opens on 6 September 2010 and closes on 7 September 2010. The exit load for the scheme is nil. The new fund offer (NFO) price is Rs10 per unit. Minimum investment amount is Rs5,000 crore. Minimum target amount is Rs1 crore. The scheme offers two options - growth and dividend (payout). The benchmark for the scheme is Crisil Short-Term Bond Fund Index.

Fortis MF unveils Fortis Fixed Term Fund-Series 18D

Fortis Mutual Fund has launched Fortis Fixed Term Fund-Series 18D, a close-ended debt scheme. Maturity date of the scheme is 370 days from the date of allotment of units. The investment objective of the scheme is to generate reasonable returns and reduce interest rate volatility by making investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a plan. The issue opens on 6 September 2010 and closes on 14 September 2010. The exit load for the scheme is nil. The new fund offer (NFO) price is Rs10. Minimum investment amount is Rs5,000. Minimum target amount for the scheme is Rs50 lakh. The scheme offers two options - growth and dividend. The benchmark for the scheme is Crisil Short Term Bond Fund Index.

Fidelity MF launches Fidelity Fixed Maturity Plan-Series III-Plan D

Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan-Series III-Plan D, a close-ended debt scheme. The maturity of Plan D is 92 days from the date of allotment of the units. The investment objective of the scheme is to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a plan. The scheme opens on 6 September 2010 and closes on 7 September 2010. The new fund offer (NFO) price is Rs10 per unit. Minimum investment amount is Rs5,000. The plan offers two options - growth and dividend. The benchmark for the Plan D is Crisil Liquid Fund Index.

DSP BlackRock MF introduces dividend transfer plan

DSP BlackRock Mutual Fund has introduced dividend transfer plan (DTP) - a facility wherein a unit holder can opt to invest the dividend declared by the source scheme into another scheme which is referred as target scheme. Dividend declared, if any, in fixed income/liquid schemes may be invested in schemes having exposure to equities. Dividends declared, if any, by equity schemes may be invested to fixed income schemes. Minimum amount of dividend eligible to be transferred under DTP is Rs500. If the dividend in the source scheme is less than Rs500, the dividend will be reinvested in the source scheme.

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PFC to raise $240 million from Japan, China

New Delhi: State-run Power Finance Corporation (PFC) top brass is conducting roadshows in Japan and China to raise $240 million (Rs1,180 crore) through foreign loans in these markets for funding power projects in India, reports PTI.

PFC is in the process of arranging ECBs (external commercial borrowings) of $240 million, a source close to the development said adding that the company is in talks with Bank of China, Mitsubishi Bank, and Bank of Tokyo.

PFC chairman and managing director Satnam Singh, along with his team, is conducting roadshows in China and Japan for mobilising the resources to meet its loan disbursement targets.

"This resource mobilisation is for funding power projects in the current fiscal," the source added. It is also the company's first ECB in the current fiscal.

In March, this year PFC had raised $300 million from State Bank of India's London branch for funding power generation, transmission and distribution projects in India.

Meanwhile, the company is gearing to up to raise more funds by the way of a follow-on public offer (FPO) by the end of the current fiscal (2010-11).

The board of PFC has approved a proposal for a fresh issue of equity shares along with disinvestment, not exceeding in aggregate 20% of existing paid up share capital of the company, subject to approvals.

The company is likely to raise fresh equity to the tune of 10% and the government may disinvest 10% of its 89.78% stake in the public sector company.

Going by the current market capitalisation of the company, which stands at about Rs38,909 crore, PFC may raise over Rs7,700 crore.

The government had divested 10% stake by way of an initial public offer (IPO) in 2007. After the proposed disinvestments it may go down to about 80%.

PFC is a non-banking financial institution that provides loans for various power projects in generation, transmission, distribution sector as well as for renovation & modernisation (R&M) of existing power projects.

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It’s broke, so why fix it?

The economy is just climbing out of life support, so what's giving equities a cushion?

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