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ICICI Pru MF floats Regular Savings Fund; IDFC Mutual Fund introduces Savings Scheme-Series II; Jindal Power may launch IPO in 6 months; RPP Infra Projects IPO opens 18th November Shriram City enters home finance; MTNL launches ISD call facility at Re1; Indiabulls Securities launches "Tradelite"
ICICI Pru MF floats Regular Savings Fund
ICICI Prudential Mutual Fund has launched ICICI Prudential Regular Savings Fund, an open-ended income scheme.
The scheme intends to provide reasonable returns, by maintaining an optimum balance of safety, liquidity and yield, through investments in debt and money-market instruments with a view to deliver consistent performance.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 15th November and closes on 29th November.
The minimum investment amount is Rs10,000. The scheme proposes to raise a minimum subscription of Rs1 crore during the NFO period. An exit load of 2% will be charged if the units are redeemed within one year.
The scheme will be benchmarked against the CRISIL Composite Bond Fund Index. The scheme shall be managed by Chaitanya Pande.
IDFC Mutual Fund introduces Savings Scheme–Series II
IDFC Mutual Fund has launched IDFC Savings Scheme–Series II, a close-ended income scheme.
The scheme endeavours to generate income by investing in high quality fixed-income securities as the primary objective and generate capital appreciation by investing in equity and equity-related instruments as a secondary objective.
The tenor of the scheme is 36 months. The scheme offers growth and dividend option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 15th November and closes on 29th November.
The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.
CRISIL MIP Blended Index is the benchmark index. The scheme shall be managed by Ashwin Patni.
Jindal Power may launch IPO in 6 months
Jindal Steel and Power today said its subsidiary, Jindal Power, is likely to launch a Rs7,000 crore initial public offer (IPO) in the next six months.
The company plans to increase steel production capacity to 10 million tonnes per annum in three years. At present, the company’s output is three million tonnes per annum.
The company will also augment its power generation capacity to 6,000MW in three years from 2,000MW at present.
RPP Infra Projects IPO opens 18th November
RPP Infra Projects Ltd, primarily engaged in the business of infrastructure development such as highways, roads and bridges, proposes to enter the capital markets on 18 November 2010 with a public issue of 65,00,000 equity shares of Rs10 each through a 100% book building process. The issue comprises of a fresh issue of 61,00,000 equity shares by RPP Infra Projects Ltd and an offer for sale of 4,00,000 equity shares by the promoters. The price band has been fixed at Rs68 to Rs75 for equity shares of Rs10 each. The issue closes on 22 November 2010.
After allowing for reservation of 4,00,000 equity shares for eligible employees, the net issue to the public will be 61,00,000 equity shares. The issue will constitute 28.76% of the post issue paid-up capital of the company and the net issue will constitute 26.99% of the post issue paid-up capital of the Company.
VC Corporate Advisors Private Ltd, Kolkata is the sole book running lead manager to the issue and Cameo Corporate Services Ltd is the registrar to the Issue.
The company intends to deploy the net proceeds of the Issue for investment in SPVs for BOT projects, investment in capital equipment, funding margin requirement for working capital and meeting general corporate expenses.
Shriram City enters home finance
Shriram City Union Finance (SCUF) has launched a new housing loans finance subsidiary. The financing wing is a wholly owned subsidiary of Shriram City with a capital base of Rs100 crore ensuring that there is no asset liability mismatch as home loans are long tenure finance business.
The new wing will cater to the middle income customers so that the ticket size of loans remains around Rs20 lakh per unit.
Shriram City is already present in financial services space through its multiple arms offering commercial vehicles financing, life insurance, consumer and small business financing, retail brokering and chit fund, gold commercial vehicles and personal loans.
MTNL launches ISD call facility at Re1
Mahanagar Telephone Nigam Ltd (MTNL) has launched the new ISD call facility at local rates for its subscribers in Mumbai telecom circle.
MTNL landline subscribers (except PCO) can make ISD calls to US, Canada, China, Hong Kong, Thailand and Singapore at Re1 per minute as default tariff. Also, no security deposit is required for the postpaid MTNL landline to make ISD calls.
Subscriber can make ISD calls to above countries by dialling 13-00 followed by ISD code (without zero) and phone numbers. For example if anyone wants to call US then dial 13-001 followed by phone number.
The promotional offer will be available free of cost to all MTNL landline service users in Mumbai telecom circle for three months with effect from 12th November.
Indiabulls Securities launches "Tradelite"
Indiabulls Securities Ltd has launched its mobile trading platform "Tradelite" for trading on NSE. Using "Tradelite", Indiabulls customers can place market orders or sell stocks through their mobile phones - anytime and from anywhere. This user friendly application has features of a normal trading platform like market rates, order book, order entry screen, order modification/deletion, and account reports on a smaller interface.
Indiabulls Securities has already entered the mobile trading platform on the BSE. Indiabulls customers will be able to access "Tradelite" through GPRS enabled mobile phone by entering a dedicated URL. Indiabulls Securities has taken special care to provide high level of security whereby all communication on this trading platform is 128 bit encrypted and certified by Verisign. Along with their username and password the users will also be required to provide their second level transaction password through a secure ID token.
We had suggested in the last issue that markets may rise. Suddenly, the mood is upbeat