ICICI Pru to launch revamped ULIP
Mumbai: ICICI Prudential Life Insurance will soon launch a revamped unit-linked insurance plan (ULIP) that will be in conformity with the regulations of the Insurance Regulatory and Development Authority on ULIPs.

The revised product will have a three-year lock-in, against a one-year lock-in the older LifeLink II plan. This is a crucial clause in the ULIP regulations that differentiates ULIPs from mutual fund investments.

The country's largest private sector life insurer will stop selling the existing LifeLink product from March 13, 2006, when it launches LifeLink II.

ICICI Prudential said modifications in other ULIP products will be carried out in phases before the July 1, 2006 deadline set by the Insurance Regulatory and Development Authority (Irda).

ICICI Prudential has 16 unit-linked products. Of the total assets under management of Rs7,650 crore, ULIPs account for Rs5,800 crore.
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Sahara One to raise Rs.37.84 crore
Mumbai: Sahara One Media & Entertainment has said it will raise Rs37.84 crore through issue of 11 lakh equity shares to Bennett Coleman and Company Ltd on preferential basis.

The shareholders at the EGM have approved the issue of 11 lakh equity shares of a face value of Rs10 each at a price of Rs344 per share for cash to BCCL, subject to necessary approvals and provisions, the company informed the Bombay Stock Exchange.
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Dr Reddy's shareholders clear preferential issue
Mumbai: Dr Reddy's Laboratories has secured shareholders approval to issue over 76.5 lakh preferential shares at Rs5 each in the domestic or foreign markets.

The shareholders have also approved the increase in the borrowing powers of the company to Rs5,000 crore for interest, repayment, or for other businesses, it said.
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Deutsche Bank picks up stake in Lloyd
Mumbai: Germany's Deutsche Bank has acquired a 10.47 stake in Lloyd Electric and Engineering.

Shares in Lloyd Electric traded flat at Rs149 in a weak Mumbai market.
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Media Matrix to issue rights/public issue to raise Rs. 40 crore
Mumbai: Media Matrix Worldwide has approved a proposal to raise up to Rs400 million through a rights or public issue. Shares in the company rose 4.9 per cent to Rs9.86 on Wednesday in a weak market.
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Shriram Transport approves share swap
Mumbai: Shriram Transport Finance has approved the merger of Shriram Overseas Finance with itself at a swap ratio of three shares for five held.

Shares in Shriram Transport rose more than 4 percent to Rs122.85 in a weak market.
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ING Vysya Mutual launches fund of funds
Mumbai:ING Investment Management India, a unit of Dutch banking and insurance company ING Groep has launched the Optimix Income Growth Multi-Manager Fund of Funds scheme that will invest in other funds rather than in securities directly. The fund will invest in a portfolio of debt funds, liquid funds, money market funds and equity funds.

The open-ended fund will open for subscription on Thursday.

However, the fund of funds scheme will not invest in any of its own funds.
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Simbhaoli Sugar to issue FCCB to raise $30 million
The board of directors of Simbhaoli Sugar Mills' is considering the issue and allotment of Foreign Currency Convertible Bonds to the extent of $30 million with additional 10 per cent to the aggregate principal amount of $33 million to be subscribed in foreign currency including an allotment of 19,76,540 warrants to specified promoters.

The board of the company will also consider the approval to convert 3,80,000 cumulative redeemable preference shares of Rs 100 each aggregating Rs3.8 crore to be issued to ICICI Bank into optionally convertible preference shares.
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Sahara One Media allots 11 lakh equity shares to BCCL
Sahara One Media and Entertainment's shareholders have approved the allotment of 11 lakh equity shares of the company, having a face value of Rs10 each at a price of Rs344 per equity share on a preferential allotment basis for cash to Bennett Coleman & Company, subject to necessary approvals and provisions.
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IOL Broadband to issue 68 lakh shares to specified investors
IOL Broadband has consented to an increase in authorised share capital and issue, on a preferential basis, up to 60 lakh equity shares of Rs10 each to specified investors at a price of Rs71 per share and up to 8 lakh equity share warrants to specified investors, carrying an entitlement to apply for equivalent number of equity shares of Rs10 each, at a price of Rs71 per share, within a period of 18 months from the date of allotment of the Warrants. The board of the company has also decided to issue GDRs/ ADRs/ FCCBs for an amount not exceeding $15 million.
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Sayaji Hotels to allot 7,25,000 equity shares and 8,50,000 convertible share warrants
Sayaji Hotels has decided to allot 7,25,000 equity shares of Rs10 each at a premium of Rs40 per share. The company has also decided to allot 8,50,000 convertible share warrants of Rs10 each at a premium of Rs40 convertible in 18 months from date of allotment.

Equity shares and convertible warrants shall be subject to lock in for the period of three year from the date of allotment.
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Benchmark MF to float 9 sector funds
Mumbai: Benchmark Mutual Fund, the first asset management company to introduce exchange-traded funds (ETFs) in the country, is planning to launch nine sectoral ETFs.

The funds would be based on sectoral indices of the National Stock Exchange which include automobiles, cement, electrical equipment, infotech, pharmaceuticals, power, services, steel and telecommunications. Currently, these sectoral indices are managed by the NSE, but not in the public domain.

At present, the Benchmark Mutual manages four schemes — Nifty BeES, Junior BeES, Bank BeES and Liquid BeES. While the first three are based on equity indices, Liquid BeES is a money market related product which is used as a cash management tool. Liquid BeES was the first of its kind in the world.

Apart from Benchmark, there are two other ETFs in the country one each from UTI Mutual and Prudential ICICI Mutual Fund. While Prudential Spice is an Sensex-based fund, UTI Mutual's fund is based on the 20-share Nifty index.
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