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Fidelity fund reveals holdings
Kolkata: The Fidelity Equity Fund unveiled its portfolio for the first time on Friday, showing that it has opted heavily on the banking, petroleum and software sectors, which together constitute about 30 per cent of its assets.

Reliance, SBI, ONGC, Bharti and Zee are its top five holdings.

Fidelity, which allotted its units on May 16, has returned 9.44 per cent at the end of the second quarter, compared to the 6.76 per cent provided by its benchmark, the BSE-200, during this period.

"A key overweight position in a diversified financial company added to positive fund performance," the MF has pointed out, adding "underweight exposure to selected stocks in the materials sector added value as these companies suffered from a softer pricing environment".

Consumer goods, auto, pharma and telecom are some of the other bigger allocations.

The fund, reporting a NAV of Rs12.21 on August 4, had announced earlier that it would rarely allocate over 4 per cent in a single stock. Its portfolio now reveals that it has invested in a number of sectors that account for less than one per cent. These include chemicals (0.67 per cent), printing (0.52 per cent), fertilisers (0.15 per cent), transport (0.13 per cent) and travel (0.03 per cent).

Fidelity, incidentally, follows a `go anywhere' strategy and invests in companies regardless of size or industry.

The idea is to follow a bottom-up approach and diversify its holdings.
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Aurobindo Pharma FCCB issue raises $60mn
Hyderabad: Pharma major, Aurobindo Pharma Ltd (APL), has raised $60 million through an issue of unsubordinated, unsecured foreign currency convertible bonds (FCCBs) to be redeemed in 2010.

Barclays Capital, the investment banking division of Barclays Bank Plc, through a release, announced on Friday that it was the sole book-runner and lead manager for the FCCBs offering.

Barclays Capital said that given the favourable tight spreads and low interest rate environment, Aurobindo Pharma has decided to issue the bonds to raise funds for meeting capital expenditure and overseas investment purposes and to pay existing foreign currency debt.
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IPCL's $100mn loan syndication oversubscribed
Mumbai: IPCL has said that it has closed its US$100-million, three-year, multi-currency syndicated term loan facility, which the company said was well received by the market and "significantly" oversubscribed.

The loan, which carries an interest margin of 0.44 per cent over the annual London Interbank Offer Rate (LIBOR), attracted participation from 12 banks.

The Bank of Tokyo-Mitsubishi Ltd, Bayerische Hypo-und Vereinsbank AG - Singapore Branch, BNP Paribas, Calyon, Citigroup Global Markets Singapore Pte Ltd, Mizuho Corporate Bank Ltd, and Sumitomo Mitsui Banking Corporation were the mandated lead arrangers.

While Chinatrust Commercial Bank Ltd(Offshore Banking Branch), The International Commercial Bank of China (Singapore Branch), E. Sun Commercial Bank Ltd ( Offshore Banking Branch) and Commerzbank AG, Singapore, acted as arrangers, the Export-Import Bank of the Republic of China Branch acted as the lead manager.

Citigroup Global Markets Asia Ltd was the sole book runner.
This is the third time this year that Reliance Industries Ltd and its group company, IPCL, have approached the syndicated loan market, raising US$800 million and achieving commitments, including over-subscription, in excess of US$1.25 billion.
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Tata Teleservices (Mah.) US$200mn FCCB issue cleared
Mumbai: Tata Teleservices (Maharashtra) Ltd has acquired shareholder permission to issue foreign currency convertible bonds up to a limit of US$200 million (Rs880 crore).

The company has drawn up a capital expenditure plan of Rs700 crore for the current year, said the Chairman, F.A. Vandrevala, at the company's AGM here on Friday.

Most of it will go into deeper penetration into its circle of operation, which along with Maharashtra, includes Goa.

The company has already invested Rs3,750 crore out of its total project cost of Rs5,400 crore.

The company also said that it would offer a range of mobile instruments to customers in the coming six months, including one that will serve as a computer, akin to a palm top, and is already in negotiation with vendors for these instruments.
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Chola MF launches Floating Rate Fund
Chennai: Chola MF has launched a short term Floating Rate Fund with an objective to generate regular income through investment in a portfolio comprising substantially floating rate debt/money market instruments swapped for floating rate returns, fixed rate debt securities, government securities and money market instruments.

The new fund opens for subscription on August 2 and closes on August 8, says a release.
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Reliance Ind. to acquire REL shares
Mumbai: Reliance Industries Ltd (RIL) has informed the Bombay Stock Exchange that, under Regulation 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the company proposes to acquire 7,57,50,468 equity shares of a nominal value of Rs10 each of Reliance Energy Ltd, constituting approximately 37.95 per cent of its paid-up share capital of Rs199,61,80,270 from Reliance Power Ventures Ltd, a wholly owned subsidiary of the company by way of inter-se transfer.

The RIL scrip was down Rs3.25 on Friday at Rs725.75 while REL was up Rs8.50 at Rs647.15.
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SAT asks SEBI and UBS to file submissions
Mumbai: The Securities Appellate Tribunal (SAT) on Friday asked the Securities and Exchange Board of India and UBS Securities Asia Ltd, an FII, to file written submissions in the case involving a ban on UBS issuing overseas derivative instruments and posted the matter for hearing on August 8, SAT member Chandan Bhattacharya said.
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