document.writeln("

Provogue IPO oversubscribed twenty five times
Mumbai: Provogue's initial public offering, which closed on Thursday, was subscribed 24.75 times, with the total number of bids received standing at 10 crore shares. The total bids received at the cut-off price of Rs150 were 3.83 crore shares. The offer is for a total of 40.49 lakh shares.

So far, of the total subscription, banks have accounted for 24 per cent, FIIs for almost 29 per cent and mutual funds 27 per cent. The IPO's price band ranged between Rs130 and Rs150.

The book-running lead managers are SBI Capital Markets, Karvy Investor Services and Anand Rathi Securities.
Back to News Review index page  

Benchmark MF launches the Split Capital Fund
Mumbai: The Benchmark Mutual Fund has announced the launch of a scheme called `Split Capital Fund - Balanced', which will distribute credit risk between two classes of units to deliver no-risk return to the investors.

An investor can either apply for the preferred (Class A) units only or capital (Class B) units only or units from both classes. The preferred units have been rated AAA (Ind) (SO) by rating firm Fitch, a release said.

The fund is structured as a three-year close-ended fund with a portfolio of debt and equity. It will be open from June 22 to July 14.

The structure of the scheme is such that even in the worst-case scenario, principal investment by the investors of preferred (Class A) units is expected to remain secure.

Both the units will be listed and traded separately on the capital market segment of the NSE. Subordinate or Class B units will be kept at a minimum of 20 per cent of total portfolio size.

This proportion is designed to ensure that the fixed-income component of the underlying portfolio matures to at least equal the principal sums invested by preferred holders.

The investment in equities will be benchmarked against the S&P CNX Nifty index.
Back to News Review index page  

Ascendas launches Rs.1,000 crore India IT Parks Fund
Chennai: Ascendas Pte Ltd of Singapore, on Thursday, announced the launch of a Rs1,000-crore Ascendas India IT Parks Fund seeded by two of its prime IT park properties. Ascendas builds and manages commercial buildings.

The private real estate fund, with a focus on matured income-producing assets, is expected to eventually grow to Rs2,000 crore in size, according to an Ascendas press release.

The fund is constituted in Singapore as a private trust and is expected to be a part-development and part-yield play on India's IT parks sector, which is a high growth sector in view of the country's role as a major global outsourcing hub. The fund has a term of seven years and will be managed by Ascendas. Besides new development projects, Ascendas' other properties in India will be considered for the fund once they are deemed ready, added the release.

The fund is privately placed to select institutional investors worldwide. As the fund's sponsor, Ascendas holds a 30 per cent interest with the balance over-subscribed and taken by international investors. They include General Electric Commercial Finance Real Estate, a Rs132,000-crore global real estate investor.

As part of the fund, Ascendas is injecting two assets - the International Tech Park, Bangalore, which it lead-developed, and the recently-acquired Vanenburg IT Park, which will soon undergo identity re-branding.

Ascendas (India) Pvt Ltd develops IT parks and hi-tech buildings as well as built-to-suit and ready-built facilities. Its flagship is the International Tech Park in Bangalore, followed by Cyber Pearl and Vanenburg IT Park in Hyderabad and the International Tech Park in Chennai, which will be ready in July 2005.
Back to News Review index page