AP Paper gets approval to raise $50mn
Hyderabad: The shareholders of Andhra Pradesh Paper Mills (APPML) have authorised the board to issue further securities for raising an amount of up to $50 million or its equivalent value in rupees.

The members have also approved revision of borrowing limits to Rs1,000 crore and authorised the board to create mortgages/charges and hypothecations on the assets for an aggregate value not exceeding Rs1,000 crore.
Back to News Review index page  

DBS Chola offers FMP
Mumbai: DBS Chola Mutual Fund has launched DBS Chola Fixed Maturity Plan-Series 5 (Quarterly Plan 1). The scheme seeks to generate regular returns by investing in debt, Government and money markets. The new fund offer opened on October 3 and closes on October 5. The minimum subscription amount is Rs5,000. There is no entry load but an exit load of 0.5 per cent will be charged on investments redeemed within 3 months from the date of allotment.
Back to News Review index page  

MF AUMs fall in September
Mumbai: The mutual fund industry saw a 5.08-per cent decline in asset base in September. The industry lost Rs15,581.76 crore with the assets under Management (AUM) at Rs2,91,199.81 crore. Of 30 mutual funds, the asset bases of 17 dropped.

MF sources attributed this to payment of advance tax by companies. They said they expected fresh inflows in October.
The assets of Prudential ICICI MF declined by Rs3,908.5 crore (down 11.46 per cent), the highest for the month while Standard Chartered MF also saw a big decline of Rs3,786.51 crore (down 24.35 per cent). Birla Sun Life MF lost Rs2,482.55 crore of AUM (down 14.52 per cent). UTI MF continued to have high assets for September at Rs 34,755.11 crore. Only 12 MFs saw an increase in asset base for September.
Back to News Review index page  

FIIs net sellers of Rs294-cr on Tue
Mumbai: Foreign institutional investors (FIIs) were net sellers of Rs294.30 crore on Tuesday, October 03, according to data released by Sebi today.

While FIIs made gross purchases of Rs1443.30 crore, gross sales totalled Rs1737.60 crore.
Back to News Review index page  

NYSE may acquire 26 pc stake in BSE
Mumbai: The New York Stock Exchange (NYSE) is said to be in advanced negotiations to pick up a strategic equity stake in BSE.

According to sources close to the negotiations, a team from NYSE was recently in the city for talks with the BSE top brass. The meeting took place after the BSE held its first annual general meeting on September 26.

The BSE, Asia's oldest exchange, has already initiated a process to dilute equity stakes of its member brokers, as part of the Securities and Exchange Board of India's (Sebi) demutualisation scheme seeking to separate ownership from trading rights.

The BSE aims to pare down member brokers' equity stake from the current 100 pc to 49 pc, by selling 26 pc to a strategic partner. The exchange also plans to sell another 25 pc to the public through an initial public offering.
Back to News Review index page  

Providence Equity may acquire 25 pc stake in Idea
Mumbai: Private equity firm Providence Equity Partners may acquire a 25 pc stake in AV Birla-owned Idea Cellular. The deal size is estimated at between Rs3,500 crore and Rs4,000 crore valuing Idea at close to Rs15,000 crore, sources said.

The Birla group had earlier said it would place the shares with financial investors at the same price at which they acquired them from Tatas (Rs40.50). The company is likely to make a formal announcement soon, said sources.

Idea Cellular was originally a JV between the Tatas and the Birlas, before the latter acquired the Tatas' 48.14% stake for Rs4,406 crore. Going by the valuation of the Tatas' stake at Rs4,406 crore, the total value of the company will be Rs9,152 crore.
As per a document submitted by the company to DoT, Idea has a net worth of Rs1,042.92 crore.
Back to News Review index page