Reliance Mutual Fund to float Dual Advantage Fixed Tenure Fund I-Plan J

Reliance Mutual Fund new issue will open for subscription on 11th April

Reliance Mutual Fund will launch Reliance Dual Advantage Fixed Tenure Fund I-Plan J, a close-ended income scheme. The tenor of the scheme is three years.
The investment objective of the scheme is to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities that are maturing on or before the maturity of the scheme along with capital appreciation through equity exposure.
 
The minimum investment amount is Rs5,000. The new issue will open for subscription on 11th April and will close on 25th April.
 
CRISIL MIP Blended Index is the benchmark index for the scheme. Shailesh Raj Bhan and Anju Chajjer will manage the scheme.

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Tata Mutual Fund unveils 368 days fixed maturity plan

Tata Mutual Fund new issue closes on 6th April

Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 30 Scheme C, a close-ended income scheme.

The investment objective of the scheme 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 schemes. The maturity of all investments shall be equal to or less than the maturity of the scheme. The tenor of the Scheme C is 368 days.
 
The new issue closes on 6th April. The minimum investment amount is Rs10,000.
Crisil Short Term Bond Fund Index is the benchmark index. Murthy Nagarajan is the fund manager.

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Vodafone to buy out Essar stake in JV for $5 billion

Essar to sell entire 33% in the Indian telecom company that will give Vodafone a 75% control

New Delhi: Vodafone, the world’s largest mobile phone operator by revenue, today said it has exercised its option to acquire Essar’s stake in their joint venture for $5 billion.

“Vodafone Group announces that the Essar Group has exercised its underwritten put option over 22% of Vodafone Essar Limited (VEL). Following the exercise by the Essar Group of its put option, Vodafone has exercised its call option over the remaining 11% of VEL owned by the Essar Group, resulting in a total cash payment of $5 billion,” Vodafone stated.

Essar has a 33% stake in the joint venture company and with this buy Vodafone will have a direct holding of 75% in the Indian telecom company. Essar will exit completely from the joint venture. The company also said that a final settlement is expected to be completed by November 2011. Essar has not commented on the deal, reports PTI.

Vodafone paid $11.1 billion in 2007 for control of the phone company in what is still the largest foreign direct investment to have been completed in India. But the UK-based telecom operator continued to have a difficult relationship with Essar over the company should hold its stake. It also faced challenges from the high spectrum costs to an ongoing tax dispute.

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