Color Chips plans pref allotment
Hyderabad: Color Chips India will hold an extraordinary general meeting of the members of the company on August 21 to consider allotment of preferential equity shares and a GDR offer to raise up to $10 million (about Rs45 crore). The board of the company would consider preferential issue of 37 lakh equity shares of Rs10 each at a price of not less than Rs10. While Color Chips Animation Park Ltd will be allotted 7 lakh equity shares, Cyber Toons Pvt Ltd will be allotted 30 lakh equity shares.

The company board will also consider offer of a GDR or any other instrument convertible into equity shares optionally for an aggregate sum up to $10 million (Rs45 crore).
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Tata Sons increases stake in VSNL
Mumbai: Tata Sons has hiked its stake in Videsh Sanchar Nigam by 2 per cent through market purchases made between June 28, and August 8, 2006, said a notice to the stock exchanges on Wednesday.

As on March 31, 2006, the Tatas owned 44.25 per cent stake in VSNL. Of this 40.61 per cent stake was owned by Panatone Finvest, an investment vehicle of the Tata group. The Tata group's equity stake in VSNL would now stand at 46.25 per cent.
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SBI, SBI Holdings of Japan to set up $100mn fund
Mumbai: State Bank of India (SBI) and SBI Holdings, part of Japan's financial services provider SBI group, are setting up a $100 million venture fund for investing in unlisted Indian companies.

The venture fund is expected to start operations in the next 2-3 months. This is first of the three venture funds SBI is planning to set up in partnership with global companies. Two more such tie-ups are expected to be announced in the next couple of months.

The venture fund being set up with the Japanese entity would invest in unlisted companies in information technology, pharmaceuticals, infrastructure and manufacturing.

SBI Holdings, which is listed on the Tokyo Stock Exchange, has five core businesses: Asset Management, Brokerage & Investment Banking, financial Services, real-estate, and Life related Network.

State Bank has already established SBI Venture, a venture capital company as a fully-owned subsidiary of SBI Caps. The new company is likely to pick up stake in a host of start-ups and private equity funds in the country.
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Birla Sun plans closed fund
Kolkata: Birla Sun Life AMC is planning to launch a five years close ended equity scheme called Birla Long Term Advantage fund.

The company said the five year close ended equity fund was aimed at those investors who want to maximise returns without being worried over volatile stock markets.

The Birla Long term Advantage fund would use derivatives to the extent of 50 per cent of the portfolio and would create hedges during volatile times.

The company would also merge some of the debt schemes of Alliance with its debt schemes in future.
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