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Fidelity
seeks Sebi approval for its MultiManager Cash Fund
Kolkata:
Fidelity Mutual Fund has asked for regulatory approval
for an open-end cash fund of funds (FoF) scheme called
Fidelity MultiManager Cash Fund.
The
proposed fund, which seeks to provide returns commensurate
with low risk while offering a relatively high level of
liquidity, will mainly invest in liquid products of other
MFs.
It
may also invest in money market instruments and bank deposits
in order to meet redemption requirements.
The
fund, to be benchmarked against Crisil Liquid Fund Index,
will create a basket of underlying schemes chiefly on
the basis of internal reviews of its performance and characteristics
of its portfolios.
In
its offer document filed with Sebi the fund has said that
investing in Fidelity MultiManager will involve certain
risks generally associated with making investments in
the underlying schemes adding that its value may be affected
by factors influencing the underlying schemes' performance.
The
latter is linked to factors such as volatility in the
fixed income markets, interest rates and exchange rates.
Under
normal circumstances, 95 per cent of the net assets will
be allocated to various liquid funds.
Depending
on the circumstances, up to 20 per cent can be invested
in money market instruments/bank deposits - as a means
of managing liquidity.
Not
more than 25 per cent of the net assets will be parked
in a particular underlying scheme, Fidelity MF has mentioned.
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Kinetic
Motor to allot shares to Bennett Coleman
Mumbai:
Kinetic
Motor Company has said it would allot 14,18,000 equity
shares to Bennett
Coleman & Company Ltd (BCCL).
The
shareholders of the company have approved the allotment
at Rs70.52 per share to BCCL, the company informed the
BSE.
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Radico
Khaitan board approves stock split in 1:5 ratio
Mumbai: Liquor maker, Radico
Khaitan is splitting its equity shares in a 1:5 ratio.
The stock split of one equity share of Rs10 each into
five equity shares of Rs2 each, is subject to shareholder
approval, the company informed the BSE.
Under
this stock split, 1.92 crore equity shares of Rs10 each
would be split into 9.64 crore equity shares of Rs2 each.
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