SBI Mutual Fund new issue closes on 4th May
SBI Mutual Fund has launched SBI Debt Fund Series-90 Days-43, 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 tenor of the scheme is 90 days.
The new issue closes on 4th May. The minimum investment amount is Rs5,000.
CRISIL Liquid Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.
DSP BlackRock Mutual Fund new issue closes on 5th May
DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-12M-Series 19, a close-ended income scheme.
The investment objective of the scheme is to seek capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the scheme. The scheme may also use fixed income derivatives for hedging and portfolio balancing. The tenor of the scheme is 12 months.
The new issue closes on 5th May. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Dhawal Dalal is the fund manager.
The ministerial panel was to deliberate on whether Vedanta, with no experience in oil and gas sector, should be given unconditional approval for buying Cairn India that owns the nation's largest onland oil fields or be given clearance after attaching reasonable conditions
New Delhi: The much-awaited meeting of a Group of Ministers (GoM) headed by finance minister Pranab Mukherjee on London-listed mining group Vedanta Resources' $9.6 billion acquisition of Cairn India has been postponed, reports PTI.
"The meeting was scheduled for 1930 hours today, but it has now been postponed," a senior government official said. No reasons were given for the postponement.
Besides Mr Mukherjee, the GoM includes oil minister S Jaipal Reddy, law minister M Veerappa Moily, telecom minister Kapil Sibal and Planning Commission deputy chairman Montek Singh Ahluwalia.
"This was the first meeting of the GoM since it was asked by the Cabinet Committee on Economic Affairs (CCEA) on 6th April to vet the deal for according government approval," he said.
The ministerial panel was to deliberate on whether Vedanta, with no experience in oil and gas sector, should be given unconditional approval for buying a company that owns the nation's largest onland oil fields or be given clearance after attaching reasonable conditions.
The official said Mr Reddy had listed two options. The first was giving approval subject to state-owned Oil and Natural Gas Corporation (ONGC) being allowed to recover the Rs18,000 crore it is liable to pay in royalty on behalf of Cairn India.
Alternatively, he suggested that the government gives its consent to the deal without any pre-condition and take an 'appropriate decision' to enforce ONGC's right.
ONGC has a 30% stake in Cairn India's mainstay Rajasthan oilfields, but it is liable to pay royalty not just on its share but also on Cairn's 70% share of crude oil from the field.
Royalty at the rate of 20% of the crude price is payable to the state government and ONGC, a month before the Cairn-Vedanta deal was announced in August 2010, had cited the provisions of the field contract to demand its cost recovery.
The oil ministry is backing the ONGC demand that royalty payment be added to the project cost, which can be recovered from the sale of oil before profits are split between the partners and the government.
However, such a move is being opposed by Cairn Energy and Vedanta as it will lower Cairn India's profitability.
The Solicitor General of India, the nation's second highest law officer, had opined that Vedanta must agree to cost recovery of royalty before the government nod.
Vedanta, a mining company controlled by billionaire Anil Agarwal, with no experience of the oil and gas business, agreed in August to buy at least 40% and as much as 51% in Cairn India from Edinburgh-based Cairn Energy.