Religare forms advisory panel to guide group’s banking foray

Kiran Karnik, Suman Bery on the panel

Religare Enterprises Ltd (REL), an integrated financial services group, reaffirmed its goal of setting up a banking platform in India by setting up an Advisory Panel. The Panel consists of luminaries in diverse fields of policy formulation, economics, banking, development finance & technology-all elements critical to developing a new paradigm in banking-one that meets the policy agenda of the Reserve Bank of India (RBI) and commercial viability. The panel will support management's efforts in charting out the Group's banking strategy and its application for a new banking license under the guidelines to be issued by the RBI.

REL further announced that Suman Bery and Kiran Karnik have already joined the Advisory Panel and that additional members would be announced shortly.
Mr Bery is the former director general of National Council of Applied Economic Research (NCAER) in New Delhi. He was also a special consultant to the RBI and has over 28 years of experience in various leadership positions at the World Bank.

Mr Karnik was the President of the National Association of Software and Services Companies (NASSCOM) from 2001 to 2008. He was appointed as the chairman of Satyam Computer Services Ltd by the Central Government to help stabilise the company post its crisis. Previously, he was the Managing Director of Discovery India, and the founder-Director of ISRO's Development and Education, Communication Unit.

Both Mr Bery and Mr Karnik are credited with being beacons of change for various organisations under their watch. From an advisory perspective, not only will these two eminent gentlemen serve as mentors but will also act as a sounding board to help the Religare management team outline and crystallise its banking plans.

On Tuesday, REL ended 2.11% down at Rs415.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.59% to 16,676.75.

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Plastene India IPO likely in September

To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore

Plastene India Ltd has received SEBI approval for its proposed initial public offer (IPO) of 1,05,00,000 equity shares, which is likely to hit the capital market in September.

The 100% book building issue will constitute 29.37% of the post issue paid-up equity capital of the company engaged in the integrated business of manufacturing flexible intermediate bulk containers, woven sacks, flexible packaging, woven fabric, tarpaulin, master-batches, fillers, granules, multi-filament yarns and webbings.

The company's manufacturing facilities are located in Kutch and Mehsana districts of Gujarat and have a total installed capacity of 55,000 MTPA. To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore, a company statement said.

It is also setting up a new venture to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kutch at an approximate cost of Rs20 crore. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc, it said. The future expansion and new venture are proposed to be funded from the net issue proceeds. The company manufactures a broad range of packaging products for products ranging from 5 grams to 3000 kg. The equity shares of the company are proposed to be listed on BSE and NSE.

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UTI MF signs agreement with Canara Bank Securities

Under the strategic agreement, Canara Bank Securities will offer various schemes of UTI Mutual Fund through its online platform

UTI Mutual Fund said it has tied up with Canara Bank Securities' for distribution of its schemes. Under the strategic agreement, Canara Bank Securities will offer various schemes of UTI Mutual Fund through its online platform, UTI MF said in a statement.

"With this tie-up, customers of Canara Bank Securities will be able to invest online in the various schemes of UTI Mutual Fund. The tie-up with Canara Bank Securities will give UTI Mutual Fund an opportunity to reach out to wider segment of the society," UTI Asset Management Company group president and chief marketing office Jaideep Bhattacharya said.

A wholly-owned subsidiary of state-owned lender Canara Bank, Canara Bank Securities offers online trading facility through its portal 'Canmoney' in the cash, Futures and Options and Currency Derivative segment.

Besides, it also offers online investment facility in IPOs/FPOs and various schemes of several Mutual Funds.

UTI Mutual Fund's Average Assets under Management (AAUM) for the quarter of April-June 2011 of UTI Mutual Fund was Rs69,105.09 crore. It also has investor accounts of 9.87 million under its 83 domestic schemes as on 30 June 2011.

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