Reliance Energy Ventures debuts on bourses
Mumbai: Reliance Energy Ventures (REVL), listed on the stock markets Friday. It listed at Rs45.7 on the BSE and Rs48.90 on NSE. REVL was spun off from Reliance Industries as part of the settlement between the two brothers of Ambani family Mukesh Ambani and Anil Ambani.

REVL will be merged with Reliance Energy later and holders will receive 7.5 shares of Reliance Energy for every 100 shares held.

On BSE, the REVL shares closed lower at Rs43.65, after hitting a high of Rs46. Over 85.38 lakh shares were traded.

On the NSE, REVL shares closed lower Rs43.90. Over 1.65 crore shares changed hands on the exchange. Of the traded quantity, 55.13 per cent or 91.14 lakh shares were presented for delivery.
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Mascon board okays GDR issue
New Delhi: The board of directors of Mascon Global approved the final offering circular for the proposed $27-million Global Depository Receipt (GDR) issue, thus paving the way for the opening of the issue in the new few days. The issue entails 14,835,165 GDRs priced at $1.82 each.

The final offer document which goes towards opening of the issue was approved by the Luxembourg Stock Exchange on February 17. The board has taken note of it and the issue would open in the coming days said Sandy Chandra, chairman of the board and managing director, Mascon.

The issue includes 8,241,758 GDRs on a stock swap basis towards acquisition of overseas companies. The proceeds of the issue would go towards acquisition of two companies — in Singapore and the US — which operate in the areas of enterprise solutions and telecom solutions. The acquisition would augment our existing lines of business namely IT solutions, telecom and life sciences he said.
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Sahara MF on look out for more buys
Hyderabad: Targeting to achieve around Rs5,000 crore of assets under management (AUM) of in the next three years, Sahara Mutual Fund, part of the Sahara India Pariwar, is open to inorganic growth.

According to the Sahara MF chief executive officer, Rajiv Shasri, the company is open to further acquisitions to grow in size in terms of AUM, products and investor base. Earlier, Sahara Group entered the mutual fund business by acquiring the erstwhile First India Mutual Fund in 2003, promoted by Dr A C Muthiah with equity participation from two overseas partners.

Shastri also made it clear that Sahara India Pariwar has no plans to sell its MF business and said the group exited the airlines business as it was not its core business. The group has last month exited the aviation business by selling Air Sahara to Jet Airways.

At present, Sahara MF has an AUM of around Rs600 crore with six products. The company expects to mobilise around Rs200 crore from the ongoing new fund offer (NFO) of Infrastructure Fund. This is an open-ended fund aimed at providing long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies in the infrastructure sector.

The MF is currently awaiting the clearance of regulator for two more products - Retailing Fund (equity) and Fixed Maturity Fund (debt).
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