Reliance Mutual replaces UTI as largest fund house
Kolkata: Reliance Mutual Fund displaced UTI from its No 1 position to become India's largest fund house at the end of January. Reliance MF topped the charts with Rs39,019 crore, clearly larger than UTI's Rs37,535 crore.

Occupying the third and fourth slots are Prudential ICICI MF and HDFC MF, which had Rs34,745 crore and Rs31,424 crore respectively. In the context of their December 2006 assets, both have maintained their positions.

In December 2006 UTI MF had Rs38,108 crore under management while Reliance MF had 36,927 crore and stood at No 2 slot. Pru ICICI MF and HDFC MF followed with Rs33,304 croreand Rs29,635 crore respectively. These figures, released by Association of Mutual Funds in India, do not cover assets managed by FoFs (fund of funds).

In the latest scores the list of prominent fund houses includes Franklin Templeton MF (Rs23,907 crore), Birla Sun Life (Rs21,189 crore) and SBI MF (Rs17,522 crore). While Franklin Templeton MF has more or less maintained its asset base (end-December: Rs23,403 crore), the other two have substantially increased their AUM. Birla MF and SBI MF had Rs17,054 crore and Rs15,086 crore respectively at the end of December last year.

Quantum MF (Rs59 crore), BOB MF (Rs118 crore), Sahara MF (Rs180 crore) and newcomer Lotus India MF (Rs647 crore) are the smallest fund houses in the country.
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Fidelity Mutual applies for global use of feeder funds
Mumbai: Fidelity Mutual Fund has applied to Sebi for permission to invest overseas the funds collected in India either through the feeder fund route or directly through the equity route.

Internationally, Fidelity has a wide range of funds; the investor would be able to invest in such funds, which have proven track records, through the feeder fund route. However, at present, the fund house may look at evolving a fund that would invest overseas under the $3 billion investment limit.

Fidelity International entered India 18 months ago and currently manages around Rs5,800 crore of assets, with the majority of funds in the equity segment.

Fidelity International manages about $4 billion of assets under the India dedicated funds in Japan and Luxembourg.
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C&C Constructions plans IPO with a price band of Rs 270-291
Mumbai: Infrastructure company C & C Constructions is planning to enter the capital market with a public issue of 4,269,451 equity shares of Rs10 each through a 100 per cent book building process. The company has fixed the price band between Rs270 to Rs291. The issue would comprise 23.38 per cent of the fully diluted post-issue capital of the company.

60 per cent of the issue shall be allotted on a proportionate basis to qualified institutional bidders while five per cent of the QIB portion shall be allocated on a proportionate basis to mutual funds and 30 per cent of the issue shall be available for allocation on a proportionate basis to retail individual bidders.

The issue proceeds will be used to fund investments in capital equipment, toll projects and enhance working capital. The issue opens on February 5 and closes on February 9 and the shares are proposed to be listed on the BSE and the NSE.
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IPOs
Firstsource IPO subscribed 47.46 times
Mumbai: The IPO of Firstsource Solutions was subscribed 47.46 times at 7 p.m on Friday and bids were received across the price band of Rs54-64 per equity share. The company has entered the capital markets with an issue of 6,93,00,000 equity shares through a 100 per-cent book building issue.
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Transwarranty Finance
The initial public offering of Transwarranty Finance was oversubscribed 1.45 times on the NSE and BSE at 7 p.m. Bids were received across the price band of Rs48-55 per equity share. The company entered the capital markets with an initial offer of 60 lakh equity shares through 100 per cent book building process. IDBI Capital Market Services Ltd is the book running lead manager to the issue.
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I&FS Investment plans private equity fund of $1 billion
Mumbai: The private equity investment management arm IL&FS, Investment Managers (IIML), proposes to set up a private equity fund of up to $1 billion in partnership with Abu Dhabi Investment Company (ADIC), promoted by the Government of Abu Dhabi. The fund will invest in infrastructure assets in West Asia and North African regions.

A company press release said ADIC and IL&FS are likely to commit around $50 million to the proposed new fund. In addition to its capital contribution to the fund, ADIC will provide its financial expertise towards the syndication and placement of funds and also apply its regional presence towards the promotion and attraction of premium investment opportunities, the release added.
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Gujarat Gas board considers stock-split
Mumbai: The board of Gujarat Gas Company will consider a proposal for sub-division of the equity shares of the company, at the meeting scheduled to be held on February 23, 2007.
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