StanChart MF raises Rs 384 cr from Medium term plan
Mumbai: Standard Chartered Mutual Fund has announced that it has raised Rs 384-crore from the initial public offer (IPO) of its recently launched scheme, Grindlays Super Saver Income Fund — Medium Term Plan.

The IPO of the scheme began on June 16 and closed on June 27. The scheme opens for daily purchases/redemptions from July 9. The minimum investment requirement is Rs 500 with no limit on the maximum.

Mr Naval Bir Kumar, managing director, Standard Chartered Asset Management Company, said the success of the scheme shows that with declining interest rates, customers are now far more inclined to look at new products to enhance returns and debt funds are now coming to the fore.

He added that of the Rs 384-crore garnered during the IPO, 50 to 60 per cent came from institutional investors while the balance came from retail.

Mr Kumar said that the Fund, in a bid to strengthen distribution, is going to new cities.
Back to News Review index page  

ICICI Bank disposes off Rs 2,000 crore corporate assets
Mumbai: In keeping with its business model of churning its assets, ICICI Bank has disposed off corporate and retail assets worth Rs 2,000 crore in the first quarter of this year and is now looking at taking over of corporate assets from other banks and institutions.
ICICI Bank bought assets worth around Rs 200-300 crore from the market last year, which were mostly corporate assets.

The bank sold around Rs 6,000 crore of assets in last fiscal, which included around Rs 400 crore of retail assets. On the retail assets the bank has been securitising personal loans portfolio, auto loans portfolio other than home loans.
Back to News Review index page