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MindTree
IPO launch on Feb 9
Mumbai: IT and R& D services company MindTree
Consulting Ltd is floating an IPO to raise around Rs237.5
crore in the upper end of the price band of Rs365-425
per share.
The
company has offered 55.9 lakh equity shares forming about
15 per cent of the fully diluted post-issue paid-up capital
of the company. The issue opens on February 9 and closes
on February 14. About 3.72 lakh equity shares are reserved
for employees with 49.4 lakh equity shares being the net
public issue.
The
proceeds will be used to part-finance a new development
centre in Chennai. The company will utilise Rs120.7 crore
to acquire land in Chennai while Rs18.77 crore will go
to repay a loan from Hong Kong and Shanghai Banking Corporation,
said Ashok Soota, chairman and managing director of the
company.
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Fidelity
plans to offer entire MF range
Mumbai: Fidelity Fund Management, the Indian subsidiary
of global fund house Fidelity International, plans to
offer its entire range of international mutual fund products
to Indian investors but has come up against regulations.
The
Reserve Bank of India (RBI) rules allow Indian residents
to invest as much as $50,000 per annum outside the country
while Sebi has relaxed its norms to allow the India-registered
mutual funds to invest in shares of companies listed in
the overseas markets.
Fidelity,
through their several international schemes, cover 95
per cent of the global market capitalisation and the past
record of the funds would give the confidence to Indian
investors to diversify their portfolios to the global
markets said Fidelity sources.
Ashu
Suyash, India head of Fidelity Fund Management, said under
the existing rules, Fidelity was not in a position to
offer their existing schemes to Indian investors, she
said.
Fidelity,
which launched its Indian mutual fund business 18 months
ago, currently manages assets of Rs5,800 crore through
six funds.
Fidelity
officials hinted that the fund house was looking at providing
products and services for the people getting into the
retirement-age in the next 15-20 years.
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