Prajay
Engg allots shares to Goldman Sachs
Hyderabad Prajay Engineers Syndicate Ltd hasallotted 7,07,442
equity shares of Rs10 each fully paid-up at a conversion
price of Rs 75 per share to Goldman Sachs Investments
(Mauritius) I Ltd. The company has informed the stock
exchanges that the entire lot of securities of $15-million
foreign currency convertible bonds (FCCBs) has been converted
into equity shares. The company has also informed the
Singapore Stock Exchange for delisting the FCCBs issue
listed on the bourse.
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Sundram
Fasteners offers 1:1 bonus
Chennai: Sundram Fasteners' has announced bonus
shares in the ratio of 1:1. The bonus issue capitalises
Rs10.50 crore from the last balance-sheet date reserves
of Rs323.87 crore.
The
chairman and managing director of Sundram Fasteners, Suresh
Krishna, said that the company had expansion plans, while
interest rates were hardening and customers were not willing
to give price increases.
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SBI
Mutual to offer debt fund series
Mumbai: SBI Mutual Fund will launch `SBI Debt Fund
Series' (SDFS), a 90 days fund, an official statement
said. The new fund offer will be open from August 24 and
close on August 28.
The
fund would invest in a portfolio of AAA/AA+ rated debt
instruments, government securities and money market instruments
at the same time, seeking to match the residual maturity
of the securities with the portfolio maturity of the fund.
The minimum investment in the SDFS-90 days fund would
be Rs50,000 and in multiples of Rs1,000 thereafter. The
SDFS-90 days fund will be available in growth and dividend
options. An exit load of 0.50 per cent would be charged
before the maturity period.
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OptiMix
selects 4 funds for FoF portfolio
Kolkata: OptiMix, the multi-manager division of
ING, has selected equity funds offered by Reliance, DSP
Merrill Lynch, Templeton and Sundaram for its first fund
of funds (FoF).
OptiMix
Income Growth Multi-Manager FoF Scheme has equity allocations
of roughly 4 per cent and 11 per cent respectively in
the two options it provides investors 15 per cent
Equity Plan and 30 per cent Equity Plan.
The
FoF has chosen Reliance Vision, DSP ML Equity, Sundaram
Select Mid Cap, Templeton India Growth and Franklin Bluechip
on the equity side. Collectively, these make 9.25 per
cent and 15.52 per cent of the AuMs of the two plans.
Among
debt funds that have been selected include Kotak Flexi
Debt Fund, Principal Income Fund STP and Prudential
ICICI Flexible Income Plan. Further, Reliance Liquid Fund
and one of Kotak MF's fixed maturity plans are also included.
OptiMix
continues to be underweight in mid-caps. On the fixed-income
side, the plan is to deal with rising inflation, triggered
by increasing oil prices. This has led the fund manager
to involve a more dynamic strategy with a view to capture
possible drop-offs in longer-term yield. Franklin Bluechip
is the largest equity allocation, while Kotak Flexi Debt
is the largest allocation on the debt side.
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PowerGrid
declares dividend of Rs302.68-cr
New Delhi: PowerGrid Corporation of India has declared
a dividend of Rs302.68 crore for 2005-06. A cheque for
Rs215.45 crore towards final dividend for 2005-06 was
handed over by the chairman and managing director, R P
Singh, to union power minister, Sushilkumar Shinde.
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McNally
Bharat to float FCCBs in Sept
Kolkata: McNally Bharat will come out with its
FCCB (foreign currency convertible bonds) issue in the
market by September this year. McNally Bharat Engineering
is a 45-year-old joint venture between the city-based
business families of B M Khaitan and C K Birla.
The
company is hoping to raise approximately $10 million through
the FCCB route. In the last one year, this is the second
round of FCCBs from McNally Bharat. In August 2005, it
raised $7 million using the same instrument. Subsequently,
all the bond-holders have converted their holdings into
equity. This money would be utilised for the company's
expansion projects.
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