GIC MF to launch two debt funds
New Delhi: GIC Mutual Fund is coming out with two new debt funds GIC Debt Fund and GIC Gilt Fund.

Both debt and gilt fund will initially open for subscription for two days 2 April and 3 April 2002. It will re-open for sale/repurchase on an on-going basis from 10 April 2002.

Debt fund will invest 75 to 100 per cent of its corpus in debt securities and the balance in money market instruments.

The fund gives a choice of growth and dividend plan to investors. Minimum investment under growth option is Rs 5,000.
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UTI seeks SEBI nod to roll over MEP 92
Mumbai: Unit Trust of India has sought the permission of the Securities and Exchange Board of India to roll over its Master Equity Plan 1992, which matures on 31 March.

The fund has a corpus of about Rs 475 crore and there are over three lakh investors in the scheme.

If Sebi allows continuation of the scheme for the next five or 10 years, the mutual fund would reduce the exit load to zero.

MEP92, launched in 1992, offered 100 per cent deduction of the amount invested up to Rs 10,000 under Section 80CCB of the Income-Tax Act.
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UTI Bank plans IPO
Thiruvananthapuram: UTI Bank is planning to come out with a public issue some time in the next financial year.

The bank is already in the process of bringing down the equity holding of UTI, the promoter, from 44.88 per cent to 40 per cent, in line with the RBI guidelines, through private placement, according to the banks chairman and managing director P.J. Nayak.

Nayak told reporters here that the bank was looking at the possibility of coming out with a public issue to expand the equity base.
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