Readymade Steel India plans to raise Rs35 crore via IPO

Readymade Steel India has fixed the price band at Rs90 to Rs108

Readymade Steel India said it will tap the capital market to raise about Rs35 crore through an initial public offer (IPO), which opens on 27th June, to fund its expansion plan.

In a statement, the company said it "is entering the Indian capital markets with its IPO aggregating Rs34.74 crore."

The company, which is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry, has fixed the price band at Rs90 to Rs108.

The issue will open for subscription on 27th June and closes on 29th June.

The proceeds would be used for financing the expansion of existing facility at Khopoli in Maharashtra and setting up of new facilities near New Delhi and Raipur. The funds would also be used to meet working capital requirements.

Arihant Capital Markets Ltd is the book running lead manager to the issue.

For the nine months period ended December 2010, Readymade Steel reported a profit of Rs2.32 crore and total sales of Rs81.6 crore.

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Daiwa MF bullish on infrastructure space

Daiwa is betting on the infrastructure sector with a long-term view in mind

With the government planning to invest a trillion dollars in the infrastructure space during the 12th Plan period, leading Japanese mutual fund house Daiwa is betting on the sector with a long-term view in mind.

"We have to get back to the infrastructure space. That has to be the space in India for the next couple of decades. But minus the infrastructure space, the growth story is going to take a hit in this market," Daiwa Asset Management India chief investment officer Sethuram Iyer told PTI.

He says the fund house would like to cherry pick its stock across the different sectors, for the short-term, but would be averse to do so in the realty space.

"As of now, most sectors look promising... the market has corrected across the board. Now it has moved down to individual stocks. We feel individual companies will do better than their respective sectors. It is going to be a completely bottomed-up kind of a market in the near term," he said.

Daiwa India AMC, which has Rs244 crore worth assets under management as of end March, is likely to keep away from investing in the stocks of real estate companies, though.

"Real estate has always remained a taboo for us. Real estate and interest rate-sensitive sectors need to be watched carefully," Iyer cautioned.

He, however, pointed out that one could look at selectively investing in auto stocks and said the interest rate-neutral sectors such as pharma would be a better option.

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ICICI Prudential MF floats 367 days fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 30th June

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 58-1 Year Plan B, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenure of the scheme is 367 days.

The new issue closes on 30th June. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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