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UTI Dividend Yield Fund debuts at Rs.10.04
Mumbai: The UTI Dividend Yield Fund has debuted at Rs10.04 per unit, as against a face value of Rs10 per unit. The scheme, whose initial public offering closed on May 3, re-opened for fresh investments and sales on June 1, 2005.

The scheme raised Rs720 crore (Rs7.2 billion) from the imvestors.

The scheme was launched on April 11, and aims to provide medium to long-term capital gains by investing predominantly in equity and equity related instruments, which offer high dividend yield.

It is the fourth such fund in India. The Tata Dividend Yield Fund, Birla Dividend Yield Plus and Principal Dividend Yield Fund are already in operation.
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Wealth Plus Fund from Sahara MF
Mumbai: The Sahara Mutual Fund has announced the launch of the Sahara Wealth Plus Fund, a scheme which will invest in the equity of companies that would be wealth builders in the long term.

The Wealth Plus Fund proposes to invest in companies that have sound track record of profitability and growth, respected management, strong position in the segment of business, niche segment players with global competitive strength, emerging businesses, and companies staging a turnaround.

For this scheme, the fund has set a variable fee structure wherein customers are charged a fee based on the performance. The asset management company of the fund will charge no fee if the fund does not perform, the fund statement said.

The IPO will open on July 4 and close on July 22.
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Nectar Lifesciences IPO price band fixed at Rs.200-240
Mumbai: The Chandigarh-based Nectar Lifesciences Ltd has fixed the price band of its forthcoming initial public offering at Rs200-240 per equity share of Rs10 each.

The company looks forward to raise about Rs90 crore through its IPO. The offering is scheduled to open on June 22. The IPO will eventually constitute about 26 per cent of the company's enhanced equity capital.

The money will be used to finance a manufacturing facility in Baddi, Himachal Pradesh, which will make finished dosage forms of medicine; a sterile cephalosporin plant at Derabassi and an R&D and corporate quality control centre.

Nectar Lifesciences was started in 1995 as a joint-sector project with Punjab State Industrial Development Corporation. The company imports drug intermediates from Chempharma, its wholly-owned subsidiary in Sri Lanka, officials said. Nectar Lifesciences also hopes to expand its manufacturing facility in Sri Lanka, a company official said.

The Baddi facility would help the company increase its presence in formulations and the finished dosage forms segment. At an estimated Rs31 crore, the proposed plant will have an annual capacity of 150 million units of tablets and capsules each, 36 million units of dry powder injections and 15 million units of dry syrup. About Rs25 crore will be invested in the R&D centre. It will facilitate contract research work from other companies.

The company shares will be listed on the Bombay Stock Exchange and the National Stock Exchange. ICICI Securities Ltd is the book running lead manager for the issue.
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1:1 bonus share issue from M&M
Mumbai: The M&M board on Tuesday has recommended a bonus share issue for its shareholders in the ratio of 1:1, that is, one bonus share for every one ordinary share of the company held.

It has also recommended an increase in the company's authorised share capital from Rs200 crore to Rs300 crore.
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