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FIIs net buyers in equities for week ended July 8
Mumbai: Foreign Institutional Investors (FIIs) recorded net purchases in equities at Rs1684.5 crore for the trading week ended July 8 while mutual funds (MFs) were net sellers at Rs203.54 crore.

The foreign funds were net sellers in the debt market at Rs111.7 crore for the period under review, according to the data available with the Securities and Exchange Board of India (SEBI).

The mutual funds were net purchasers in the debt market at Rs1516.01 crore.
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Actis to raise $400 m for invts in India
New Delhi: UK-based private equity investor Actis is in the process of raising new money in excess of $400 million for investments in the country through two different funds.

While the Actis India Fund II will raise about $325 million, another $75 million from the Actis South Asia Fund will be invested in India, Actis officials have said. The investments could be made across a wide range of sectors, particularly the ones that are showing high export potential such as auto components, officials said.

Actis, has in the past, made investments in India across a wide spectrum of sectors including IT/ITeS, banking, pharma, manufacturing, and most recently in the automotive segment.

Currently, the firm has about 7-8 deals in the pipeline that are estimated at over $150 million. Fund officials said that these could include management buyouts as well.

While the concept of management buyouts (MBO) is yet to take off in India, Actis had carried out a MBO of the nitrocellulose division of ICI India last year. This, incidentally, was among the first MBO deals in the country.

The fund has said that it has also been cashing in on its investments in India at regular intervals.
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UTI MF to launch the Gold Exchange Traded Fund
New Delhi: The UTI Mutual Fund will launch a scheme, the Gold Exchange Traded Fund (GETF), which will allow a person to convert gold ornaments into tradable units and get a return on it.

The move assumes significance as it would allow an individual to get a capital appreciation from his or her gold assets even if the prices of gold falls over a period of time.

GETF units, which can also be bought by pledging gold ornaments or paying cash, will give an opportunity to the common man to convert his units into gold as and when he or she desires.
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India Inc. leads Asia-Pacific region in the issuance of FCCBs
Mumbai: The first six months of '05 have seen Indian companies leading the Asia -Pacific in the issuance of FCCBs, with India Inc raising around $1.4bn, as against Taiwan's total of $1bn.

According to Thomson Financial, equity and equity-related issuances from Asia-Pacific dipped by 22.6% to $32bn from $41.3bn. Straight equity issuances for the first half amounted to $27.7bn, a fall of 14.5% from $32.4bn last year.

According to investment banking sources in the market, while last year a lot of bigger corporates tapped the markets for their investment plans, this year, it has been much more balanced, with mid-cap and smaller cap companies tapping the market.

Corporates that hit the market in H1 of last year included Reliance Energy, Indian Hotels, Bharti Tele, and Ashok Leyland. Also, this instrument is normally used by corporates with higher promoter stakes. Many mid-tier corporates have high promoter shareholding and the pricing of the convertibles is 30-70% higher than the current market prices.

Sources say that the indications are that there may be additional FCCB issuances of $1-1.5bn from India in the calendar year.
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