Religare Mutual Fund new issue closes on 13th September
Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series IX-Plan A to F-Plan D (370 Days), a close-ended income scheme.
The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the date of maturity of the Scheme.
The new issue closes on 13th September. The minimum investment amount is Rs5,000.
New Advantage 5 is offered at fixed interest rates for the first five years and thereafter at floating rates
Mortgage company LIC Housing Finance has joined the teaser home loan bandwagon by introducing 'New Advantage 5', under which the interest rate would remain fixed for the first five years.
New Advantage 5 is offered at fixed interest rates for the first five years and thereafter at floating rates, LIC Housing Finance said in a statement.
The floating rates will be linked to the Prime Lending Rate prevailing at the time of the switch, it said. The scheme is available till 31st December, with a condition that the first disbursement should be availed by the customer on or before 15 January, 2012, it added.
With the launch of the new product, LIC Housing Finance becomes the third lender to offer such a scheme. Earlier this week, country's biggest mortgage firm HDFC launched such product in the market.
ICICI Bank was the first to introduce a fixed home loan scheme last month, after SBI discontinued with it in April.
LIC Housing Finance further said loans of up to Rs30 lakh will have a fixed interest rate of 11.15 per cent for a five-year period.
Similarly, loans in the range of Rs30 lakh to Rs75 lakh will have fixed interest rates of 11.40% and Rs75 lakh-Rs150 lakh loans will attract 11.65% for a five-year period.
Clarifying whether such products are teaser or not, the RBI said loans that are fixed in the initial years and become floating later would be considered as teaser loans, and banks must make provisions as mandated by the regulator.
"Interest rates that are a mixture of these two (fixed and floating) are called teaser rates," RBI deputy governor KC Chakrabarty had recently said.
"If there are rules, they (teaser loan products) will attract additional provisioning," he had added. He, however, clarified that such products are legitimate and the regulator has not banned such products, but only laid down rules to provide for such loans.
MCX is the sixth largest commodity exchange in the world with No 1 in silver and No 2 ranking in gold. It would be the first exchange in India to go public and get India at par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia
Mumbai: Leading commodity exchange MCX (Multi Commodity Exchange) today said market regulator Securities and Exchange Board of India (SEBI) has cleared its Draft Red Herring Prospectus (DRHP) for an initial public offer (IPO), reports PTI.
The SEBI clearance is valid for 12 months from now. The exchange has been asked to file offer document with the stock exchange/ROC (Registrar of Companies), a company spokesperson said here.
MCX had filed the DRHP with SEBI for an IPO of 64,27,378 equity shares of Rs10 each through an offer for sale by existing shareholders. The offer constitutes 12.60% of the paid-up equity share capital of the company.
The offer will be through a 100% book-building process, wherein not more than 50% of the net offer will be allocated on a proportionate basis to qualified institutional buyers, not less than 15% of the issue will be available to non-institutional bidders and not less than 35% of the issue will be available to retail individual bidders.
The exchange has diverse shareholding pattern with international names like NYSE Euronext, Fidelity, Merrill and leading government institutions like SBI, Nabard and Corporation Bank.
Financial Technologies (India) Ltd, State Bank of India, GLG Financials Fund, Alexandra Mauritius, Corporation Bank, ICICI Lombard General Insurance Company and Bank of Baroda are the selling shareholders in the offer. FTIL (promoters of MCX) holds 31% before IPO and will dilute its stake to 26%.
Listing is expected to ensure the highest level of shareholder and public scrutiny, corporate governance and transparent trade practices, the official said.
The exchange paid dividend over 3.15 times that of equity since its inception.
MCX is the sixth largest commodity exchange in the world with No 1 in silver and No 2 ranking in gold. It would be the first exchange in India to go public and get India at par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia.
Edelweiss Capital, Citigroup Global Markets India and Morgan Stanley India Company are the book running lead managers to the offer.