news


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.
Back to News Review index page  

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.
Back to News Review index page  

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.
Back to News Review index page  

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.
Back to News Review index page  

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.
Back to News Review index page  

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.
Back to News Review index page  


 search domain-b
  go
 
domain-B : Indian business : News Review : 24 Aug 2006 : Markets