UTI Mutual Fund offers close-ended ELSS scheme
Mumbai: UTI Mutual Fund has launched a ten-year close-ended equity linked savings scheme, UTI-Long Term Advantage Fund. The new fund offer opens on December 21 and closes on March 20. The scheme will offer a redemption facility after an initial lock-in-period of three years, an official release said. The fund aims at providing medium- to long-term capital appreciation and income tax benefit.

Company officials said the fund will invest in equity and equity-related securities of high quality companies that have the potential to grow at reasonable rates in the long-term. The scheme will also invest in emerging growth companies that have potential to offer appreciation greater than the growth in the relevant stock market indices in the long-term and aims to build and maintain a diversified portfolio."
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Pyramid Saimira subscribed 15.4 times
Mumbai: The initial public offering of Pyramid Saimira Theatre was subscribed 15.4 times on the BSE and NSE at the close on Monday. Bids were received across the price band of Rs88 - 100 per equity share. Almost 12.99 crore bids were received across the price band and around 3.59 crore bids were at the cut-off price. The company had offered equity shares aggregating around Rs74.22 crore to fund its expansion plans in the North and consolidate theatres in the South. Keynote Corporate Services Ltd is the book running lead manager to the issue.
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Cambridge Tech to float IPO
Hyderabad: Cambridge Technology Enterprises plans to offer a fixed price public issue by floating 63,15,800 equity shares of Rs10 each at a price of Rs 38 per equity share.

The company would raise Rs24 crore through the fixed price issue which would open on December 29, 2006 and close on January 9, 2007, according to a company statement.

CTEL is a service oriented architecture-based solutions and services provider focussing on building and integrating enterprise transformation applications.

The promoters' contribution to the issue would be 22,57,000 equity shares at Rs38 per share aggregating to Rs8.58 crore and a firm allotment of 5,000 equity shares would be to Centrum Capital. The net issue to the public would be 40,53,800 equity shares.

The company, promoted by Bhaskar Panigrahi, Krishna Nangegadda, Internet Business Capital Corporation Inc. and CellExchange Inc has it US operations at MIT campus in Cambridge, Massachusetts, and it operates in the US through its wholly owned subsidiary called Cambridge Technology Enterprises Inc. For the quarter ended June 30, 2006, the consolidated top line stood at Rs57.7 crore with a profit of Rs13.5 crore.
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LT Overseas debuts ends in red
Mumbai: LT Overseas listed on the stock market but ended on a weak note with the stock closing at Rs52.30 on the National Stock Exchange (NSE), down 6.61 per cent from the issue price of Rs56 per share.

The company raised nearly Rs40 crore through the IPO of 70.36 lakh equity shares during the last week of November.

The shares listed at a premium of 7.14 per cent at Rs60, before they closed below the issue price.

Over 51.73 lakh shares of the company were traded on NSE. The day's high for the share was at Rs61.95 and Rs51.25 was the day's low.
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IVRCL raises Rs555-cr thru QIP route
Hyderabad: IVRCL Infrastructures & Projects has priced its offering of 15 million equity shares in a private placement, at Rs370 per share, raising about Rs555 crore, through the qualified institutional placement (QIP) route.

The issue was oversubscribed multiple times. IVRCL is the first infrastructure construction company to raise equity through the QIP route, which has recently been enabled by SEBI.
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Sebi amends GETF custodian rule
Mumbai: Sebi through an amendment in the Sebi Custodian and Securities Act has cleared the way for the launch of Gold Exchange Traded Funds (GETFs).

The amendment allows custodians to outsource the responsibility of physical safe keeping of gold to a third party.

In the circular, Sebi said, "the custodian shall remain responsible in all respects to its client for safekeeping of the gold kept. The custodian shall continue to fulfill all duties to the clients relating to the gold so kept with the other person, except for its physical safekeeping."

It also clarified that all books, documents and other records relating to the gold, kept with the safe keepers, shall be maintained in the premises of the custodian. The custodians are also required to renew their certificate of operation every three years.
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