Markets: FIIs heavy net sellers on Tuesday
Mumbai: FIIs made large scale net selling on Tuesday with net sales of Rs1,724 crore in the cash segment, according to figures released by SEBI.

In the derivatives segment they were net sellers as well to the tune of Rs469.72 crore. The net sales in the cash segment are mainly from the proceeds of ICICI Bank sponsored ADS in which FIIs also participated. They sold shares valued around Rs1,700 crore in the ADS, market players said.
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Mid-cap fund from DSP Merrill Lynch
Mumbai: The DSP Merrill Lynch Fund has filed its offer document for the launch of a mid-cap fund with the Securities and Exchange Board of India.

The primary investment objective of the fund is to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity-related securities of small- and mid-capitalisation stocks. From time to time, the fund manager will also seek participation in other equity and equity-related securities to achieve optimal portfolio construction, according to the offer document.

The fund will charge an entry load of 2.25 per cent during the initial public offering as well as subsequently. The minimum application amount for the same is Rs5,000. The scheme offers both growth and dividend options.
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Canbank MF declares dividend for two schemes
Mangalore: The Canbank Mutual Fund has announced dividends for two of its schemes - CanBalance and Cancigo.

A Canbank Mutual Fund release has said that a ten per cent income distribution has been announced for the CanBalance scheme under the income plan. Canpremium was renamed as CanBalance after merging Cantriple and Canganga schemes with Canpremium on February 15.

The mutual fund has also announced a four per cent income distribution for Cancigo scheme under the income plan. The release said that this is the second dividend during the year, and the aggregate dividend during the year stood at seven per cent.

The release said that April 15 has been fixed as the record date for income distribution of both the schemes.
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3i Infotech and Gokaldas IPOs oversubscribed
Mumbai: The IPO of 3i Infotech was subscribed 1.04 times on the first day of the bidding process on Wednesday, with over 2.07 crore shares being bid against the offer of two crore shares.

The issue also allows a green shoe option of 30 lakh shares. About 99.2 per cent of the bids were at Rs100. The price band for the issue is at Rs90-100 per share.

FIIs contributed 91.90 per cent of the total bids while financial institutions contributed 8.04 per cent. Participation from individual investors has been rather lukewarm, with bids coming in only for 0.06 per cent.

The issue remains open till April 4.

JM Morgan Stanley and DSP Merrill Lynch are the book running lead managers to the issue, while ICICI Securities Ltd is the co-book running lead manager.

Meanwhile, the IPO of Gokaldas Exports Ltd was subscribed over ten times on Wednesday, with the company receiving bids for 338.22 lakh shares against its IPO size of 31.25 lakh shares.
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