India Infoline to offer investment banking
Hyderabad: Indiainfoline, the financial services provider, will soon foray into investment banking and set up offices in three major cities in the country and five overseas centres within six months.

According to the company, these overseas centres would particularly target the non-resident Indian community, offering portfolio management services, investment banking and cross-border facilitation. Indiainfoline merged with the Indian arm of the UK-based Merchmont Capital Advisors in December 2005, which added a new dimension to the portfolio of services.

Indiainfoline plans to target those companies that are looking to invest in India with a thrust on medium and small companies, which face the high service rates of global financial giants.

As part of the growth plan, India Infoline is also planning to create a separate team for initial public offerings. Traditionally, its services were centred on the private placement of equity, mergers and acquisitions. The IPO desk would also enable portfolio companies to enter the capital market.
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Bank of Rajasthan ties up with Principal PNB for distribution
Mumbai: Principal PNB Asset Management Company and Bank of Rajasthan have announced a tie-up for the distribution of Principal's Mutual Fund's schemes through the bank's network of branches.

According to the agreement, Bank of Rajasthan will offer the entire range of Principal's mutual fund offerings at the bank's select branches. This initiative will reflect Principal PNB's growth strategy in the Indian mutual fund sector, a press release here said.
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JM Financial hikes investment in NBFC: to set up private equity fund
Mumbai: JM Financial board of directors has approved an investment of Rs50 crore in JM Financial Products Pvt Ltd, a non-banking financial company, which would become its subsidiary, after the proposed merger of JM Securities Pvt Ltd, with the company.

The board also decided to set up a private equity fund, float other funds and establish an asset management trustee company in West Asia or Mauritius, subject to other necessary approvals.

For the quarter ended December 31, 2005, the company made a net profit of Rs14.57 crore on a total income of Rs89.60 crore.
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FIIs may take part in Reliance Petro IPO
Mumbai: FIIs may take part in the IPO of Reliance Petro as Reliance Industries has indicated that foreign investors would take part in the proposed initial public offer of its subsidiary, Reliance Petroleum.

Company officials said, "We are open to considering interest from all investors,"

Reliance Industries earlier said it plans to float a public issue of around Rs5,000 and Rs6,000 crore by the first half of 2006-07. The issue would be the second largest public offer by a private Indian company after ICICI Bank's Rs8,000-crore issue late last year.

The proceeds from the offer will be used to part finance Reliance Industries' plan to build a new refinery at Jamnagar. Reliance is building an export-oriented refinery with an annual capacity of 27 million tonnes and a polypropylene plant with a capacity of 1 million tonnes per annum, in a special economic zone in Jamnagar.
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