Reliance Communications Ltd (RCom) has drawn down $255 million (Rs1,155 crore) by way of external commercial borrowing (ECB) to part refinance rupee resources used for 3G Spectrum fee payment to the Department of Telecommunications (DoT), government of India. This loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Ltd, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo S.p.a.
RCom will benefit from extension of maturity, and substantial savings in interest costs from this facility.
In addition to the above, RCom had earlier signed a memorandum of understanding (MoU) with CDB on 15 December 2010 during the visit of the Chinese Prime Minister to India, to refinance $1.33 billion paid for 3G Spectrum to DoT. The MoU also covers financing of up to $600 million towards equipment and services to be procured from Chinese vendors like ZTE Corporation and Huawei Technologies Co Ltd. These facilities will be funded by CDB and other Chinese banks/financial institutions, and their approval and draw down is expected soon.
On Tuesday, RCom ended 0.27% up at Rs132.15 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.11% up at 19,092.05 points.
Dhanlaxmi Bank has launched Dhanlaxmi Bank Gift Card. The product is a rupee denominated, pre-paid, non-reloadable card. It can be used at any of the over 4,50,000 Visa enabled merchant outlets across the country that possess a point of sale terminal (PoS).
Anand Gupta, head, alternate channels, Dhanlaxmi Bank said: "The gift card is designed to provide consumers with another flexible and convenient option for gifting."
Dhanlaxmi Bank Gift Card can be loaded with a minimum of Rs500 and thereafter in multiples of Rs100 to maximum of Rs50,000 for individuals and up to a maximum of Rs5,000 for corporate customers.
The pre-paid card is a cost-effective and secure gift option for individuals and corporate firms alike. The card will be an ideal option for gifting purposes enabling individuals to use it across multi format stores. Corporate firms can use it as a company reward and incentive scheme to gift employees, vendors and business associates.
Dhanlaxmi Bank has a network of 275 branches and 454 ATMs across 136 cities and towns in India.
Max New York Life launches Flexi Fortune; Birla Sun Life MF launches Fixed Term Plan-Series CM; DSP BlackRock MF launches FMP-3M-Series 28; ICICI Pru MF floats Fixed Maturity Plan-Series 54-24 Months Plan A; Reliance MF introduces Fixed Horizon Fund-XVIII-Series 2; SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-38; Tata MF launches Fixed Maturity Plan Series 30 Scheme A
Max New York Life launches Flexi Fortune
Max New York Life Insurance has launched Flexi Fortune, a unit-linked insurance plan that offers consumers the flexibility to customise the plan as per their needs through choice of policy tenure, life cover multiple and fund options. The customer value proposition of Flexi Fortune is further strengthened by its unique features of systematic transfer plan to benefit from market volatility, extended tenure to maximise returns by timing the exit and progressive auto cover enhancement (PACE) to meet growing protection need.
Rajesh Sud, CEO & managing director, Max New York Life Insurance said, "The product offers the flexibility to choose policy tenure and protection multiple to the consumers which is best suited for their planned goal-be it savings, retirement or family security. It also offers tools to manage good returns without taking undue risk through seven different fund options."
Flexi Fortune caters to a wide customer segment with flexibility to choose from a range of payment terms and sum assured limits. Depending on the customers ease of payment he may choose either a 5 pay 10 year term, 10 pay 15 year term or 15 pay 20 year term. He may also choose a protection multiple starting from 10 times to 30 times his annual premium amount making it ideal for all categories of investors.
The systematic fund transfer feature ensures that the consumer's investment hits the market in 12 equal installments. It works on the concept of 'rupee cost averaging' and thus makes the volatile market work to ones advantage. This ensures the purchase of more units for same amount at lowered prices thus lowering average purchase price.
The customer may choose to defer his maturity in adverse market condition by increasing his policy term to a maximum of five years without paying any further premium. This also allows him to maximise his returns as it operates like a pure investment tool in the extended period. The percentage of the payout will then be equally divided in the number of years opted by the customer.
PACE works towards progressive increase in life cover to beat inflation ensures a 10% enhancement of life cover each year with no increase in premium. This benefit is inbuilt in the product and is guaranteed over the policy term, subject to timely payment of all due premiums.
Birla Sun Life MF launches Fixed Term Plan-Series CM
Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CM, a close-ended income scheme.
The scheme seeks to generate income by investing in fixed income securities maturing on or before the duration of the scheme.
The new issue opens on 18th January and closes on 27th January. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta would be the fund manager of the scheme.
DSP BlackRock MF launches FMP-3M-Series 28
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-3M-Series 28, a close-ended income scheme.
The primary investment objective of the schemes is to seek capital appreciation by investing in debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The schemes may also use fixed income derivatives for hedging and portfolio balancing.
The new issue opens on 18th January and closes on 20th January. The minimum investment amount is Rs10,000.
ICICI Pru MF floats Fixed Maturity Plan-Series 54-24 Months Plan A
ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan- Series 54-24 Months Plan A, a close-ended income scheme.
The investment objective of the plan is to generate regular returns by investing in fixed income securities/debt instruments which mature on or before the date of maturity of the plan.
The new issue closes on 31st January. Since the Plan will be listed on the stock exchange, load will not be applicable. The minimum investment amount is Rs5,000.
Reliance MF introduces Fixed Horizon Fund-XVIII-Series 2
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-Series 2, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility.
The new issue opens on 18th January and closes on 20th January. The minimum investment amount is Rs5,000.
SBI Mutual Fund unveils SBI Debt Fund Series-90 Days-38
SBI Mutual Fund has launched SBI Debt Fund Series-90 Days-38, a close-ended income scheme.
The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money market instruments maturing on or before the maturity of the scheme.
The new issue opens on 18th January and closes on 19th January. The minimum investment amount is Rs5,000.
Tata MF launches Fixed Maturity Plan Series 30 Scheme A
Tata Mutual Fund launches Tata Fixed Maturity Plan Series 30 Scheme A, a close-ended income scheme.
The investment objective of the schemes is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the respective schemes. The maturity of all investments shall be equal to or less than the maturity of respective schemes.
The new issue closes on 19th January. The minimum investment amount is Rs10,000.