ICICI plans securitisation
Mumbai: ICICI has lined up a Rs 502-crore securtisation product which will be structured as a mutual fund scheme.

The scheme is targeted at banks and other qualified institutional buyers and not at individuals.

ICICI Securities Fund, a mutual fund floated by ICICI for this purpose, has filed an application with Sebi for launching this scheme.

According to the proposal, a pool of debentures and loans of ICICI and ICICI Bank originating from 24 accounts would be sold to the mutual fund.

The fund, would in turn issue units with a face value of Rs 50 lakh to banks and financial institutions. The minimum investment is fixed at Rs 5 crore.
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UTI to prune equity in ULIP to 30%
Mumbai: The Unit Trust of India (UTI) plans to restructure its Rs 4,700-crore tax-saving scheme, Unit Link Insurance Plan (ULIP).

UTI is looking at bringing down the level of equity component in the scheme's portfolio to a maximum of 30 per cent by June 2003.

The institution is also contemplating increasing the debt component of the scheme to 70 per cent.

ULIP has a corpus of Rs 4,769.45 crore as on September 2001. It currently has 40 per cent of its portfolio in equities, around 57 per cent in debt instruments and balance in government securities and money market instruments.
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LIC to close two assured return plans
Mumbai: The Life Insurance Corporation of India (LIC) will close down two more assured return schemes -- Jeevan Sanchay and Children Anticipated Guarantee scheme.
LIC will reintroduce the Jeevan Shree plan from 1 March next, with a revised rate of assured returns of Rs 70 per Rs 1000 sum assured, from Rs 75 per Rs 1,000 sum assured at present.
Jeevan Shree helped the corporation mop up an additional Rs 2,000 crore in the month of January 2002. During the current fiscal, LIC has mopped up more than Rs 12,000 crore.
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RBI to auction 8.07% govt stock
Mumbai: Reserve Bank of India will conduct a price-based auction of 8.07 per cent government stock, 2017, for an aggregate amount of Rs 5,000 crore on 14 February.

The auction would be conducted on multiple price basis. On the basis of the bids received, RBI would determine the minimum price up to which tenders for purchase of government stock would be accepted.
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