HSBC launches tax saver equity fund
Mumbai: HSBC Asset Management (India) is planning to launch the `HSBC Tax Saver Equity Fund (HTSEF),' an open-ended Equity Linked Savings Scheme, on November 20. The fund closes on December 15.

The fund seeks to provide long-term capital appreciation through a diversified portfolio of equity and equity-related instruments of companies across sectors and industries. The minimum amount to be invested in the fund is Rs500 with a lock in period of three years from the date of allotment. The fund offers investor growth and dividend payout options. HTSEF would be made available in 165 cities across India.

TSEF offers benefits under Section 80C of the Income Tax Act. This provides taxpayers a deduction from taxable income of up to Rs1 lakh per year on investments.
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New fund offer from Lotus India
Mumbai: Lotus India Asset Management Company, a joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, has announced the launch of `Lotus India Tax Plan', an open-ended equity linked savings scheme.

The new fund offer, priced at Rs10 per unit, will be open for purchase from November 20 to December 5. The fund will re-open for ongoing purchase/redemption from January 1. The scheme aims at generating long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities, said a statement.
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Gulshan plans follow-on issue
Mumbai: Gulshan Sugars & Chemicals (GSCL) has plans to raise Rs26.4 crore through a follow-on public issue of 66,00,000 equity shares. The issue opens for subscription on November 22 and closes on November 28.

The issue, which will be priced at Rs40 per share on the face value of Rs8, will constitute 51.51 per cent of the fully diluted post-issue paid-up capital. The promoters currently hold 72.97 per cent stake in the company, which is a large producer of calcium carbonate.

GSCL is raising the equity capital to part-finance its expansion plans to increase its ground calcium carbonate capacity to 90,000 tonnes per day (tpd) from 70,000 tpd currently.

The expansion plans include a three MW captive power plant. Fuel and energy costs constitute 30 per cent of the selling price of the product, said a company official.

IDBI has cleared a term loan of Rs8 crore as part-finance requirement for the capacity expansion.

Calcium carbonate is used by the PVC, plastic, rubber, toothpaste, leather and pharma industries.

The company supplies its products to corporates like HLL, Colgate Palmolive, Asian Paints, Goodlass Nerolac and Berger Paints.

GSCL also caters to the paper industry and supplies to the ITC Group and Century Paper. The company had come out with an IPO in 1991 when its capacity was 22,500 tonnes per annum.
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