Personal finance Thursday

Kotak MF announces dividend under Kotak Quarterly Interval Plan Series 6

Kotak Mutual Fund has approved the declaration of dividend under the dividend option of Kotak Quarterly Interval Plan Series 6. The quantum of declaration will be 100% of distributable surplus as available under the plan(s) on the record date. The record date is 10 August 2010. Kotak Quarterly Interval Plan Series 6 is an open end debt scheme. The net asset value (NAV) of the Kotak Quarterly Interval Plan Series 6 stood at 10.0883 on 4 August 2010.

ICICI Prudential MF revises asset allocation pattern for some schemes

ICICI Prudential Mutual Fund has revised the asset allocation pattern under a few of its scheme. The changes in the schemes will be effective from 6 September 2010. The schemes include - ICICI Prudential Annual Interval (II, III and IV Plan), ICICI Prudential Half Yearly Interval (I and II Plan) and ICICI Prudential Quarterly Interval (A and D Plan). ICICI Prudential Annual Interval (II, III and IV Plan) will invest up to 70% in government securities and other fixed income/debt securities. ICICI Prudential Half Yearly Interval (I and II Plan) and ICICI Prudential Quarterly Interval (A and D Plan) will invest 30% to 100% in money market securities and up to 70% in government securities and other fixed income/debt.

UTI MF announces dividend under UTI Quarterly Interval Fund Series V

UTI Mutual Fund has approved the declaration of dividend under the dividend option of UTI Quarterly Interval Fund Series V (Retail and Institutional Plan). The quantum of declaration will be 100% of distributable surplus as available under the plans on the record date. The record date is 10 August 2010. UTI Quarterly Interval Fund Series V (Retail and Institutional Plan) is an open end debt scheme. The net asset value (NAV) of the UTI Quarterly Interval Fund Series V (Retail) stood at 10.1326 on 4 August 2010. The NAV of UTI Quarterly Interval Fund Series V (Institutional) was at 10.1342 on 4 August 2010.

Religare MF files offer document with SEBI to launch Religare Nifty ETF

Religare Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Religare Nifty Exchange Traded Fund (ETF). The scheme is an open ended exchange traded fund. During the new fund offer (NFO) period, the scheme will offer units at Rs10 each. Investment objective is to generate returns which closely correspond to the returns generated by securities as represented by S&P CNX Nifty Index, subject to tracking error, if any. Each unit will have a face value of Rs10 and will be approximately equal to 1/10th of the value of S&P CNX Nifty. The minimum application amount is Rs10,000 and in multiples in of Re1 thereafter.

Sundaram BNP Paribas MF revises exit load structure for fixed income schemes

Sundaram BNP Paribas Mutual Fund has revised the exit load structure for its fixed income schemes. The schemes include Sundaram BNP Paribas Flexible Fund Short-Term Plan, Sundaram BNP Paribas Income Plus, Sundaram BNP Paribas Gilt Fund and Sundaram BNP Paribas Select Debt-Short Term Asset Plan. In case of Sundaram BNP Paribas Flexible Fund Short-Term Plan, 1% exit load will be charged if redeemed within 90 Days from the date of allotment. For Sundaram BNP Paribas Income Plus, 2% exit load will be charged if redeemed within one year from the date of allotment and 1.5% if redeemed within 1½ year from the date of allotment. For Sundaram BNP Paribas Gilt Fund, 1% exit load will be charged if redeemed within six months from the date of allotment. For Sundaram BNP Paribas Select Debt - Short Term Asset Plan, 0.50% exit load will be charged if redeemed within 14 Days from the date of allotment.

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PE investment in Indian firms crosses $5 billion for 2010

New Delhi: Private equity (PE) firms have invested over $5 billion in Indian companies so far this year, more than what entire 2009 saw, reports PTI.

The PE companies, however, have also sold off shares worth about $2.5 billion yet.

As many as 220 companies saw PE investment pouring in during the first seven months of 2010, or between January and July, while PE firms made an exit from 73 other companies.

According to data compiled by deal space research firm VCCEdge, the first seven months of 2010 have seen private equity deals valued at $5.1 billion, as compared to $4.3 billion in entire 2009.

PE firms generally exit from their investment through buyback of shares by promoters, open market transactions, merger and acquisitions and public offers.

During the month of July 2010 alone, PE investment in India rose by nearly 190% on year-on-year basis to $776 million. The number of deals also rose from 16 in July 2009 to 25 last month.

The average deal value doubled to $26 million last month, from $13 million in July 2009.

Financials, consumer discretionary and utilities were the most targeted sectors during the month, VCCEdge said in its monthly report on PE deals.

The largest deal for the month was $179 million investment in IDFC by Actis and investment arm of Malaysian sovereign wealth fund Khazanah.

This was followed by $110 million investment by Xander Real Estate Partners in Panchshil Realty, which is developing seven hotels in India under the American brand of Marriott.

A $64 million investment in Rei Agro by Blackstone and other PE firms and $59 million investment in Monnet Power by Blackstone also figured among the top five.

At the same time, there were 11 exits worth $169 million in July 2010.

These included WDC Ventures' $39.6 million exit from Wadhwa Group SPV, Citi Venture's $29.4 million sale from JBF Industries and Istithmar's $25.3 million sell-out of SpiceJet shares.

In total, there have been 77 exits by PE firms so far.

While there were 32 exits worth $824 million in the first quarter of 2010, another 30 exits worth $1.46 billion were seen in the second quarter.

However, there were only 38 exits in the first two quarters of 2009.

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SFIO probing books of Subhiksha: Khurshid

New Delhi: The Serious Fraud Investigation Office (SFIO) is probing the account books of beleaguered retailer Subhiksha Trading Services, reports PTI.

"Investigation has been ordered u/s 235 of the Companies Act, 1956, into affairs of Subhiksha Trading Services, to be carried out by the SFIO," corporate affairs minister Salman Khurshid said in a written reply in Lok Sabha.

The Registrar of Companies (RoC) in Chennai started inspecting Subhiksha's books following complaints by a group of investors and former employees who alleged mismanagement of funds.

In 2007, ICICI Ventures, the second biggest shareholder in Subhiksha with a 23% stake, had also filed a complaint alleging diversion of funds through more than 100 shell companies.

Further, Mr Khurshid said that in the last three years (from 1 April, 2007, to 31 July, 2010) investigations into the affairs of 44 companies have been referred by the ministry to the SFIO and prosecutions have been filed by the fraud probe body under various sections of the Companies Act and the Indian Penal Code.

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