Gold ETF from UTI Mutual Fund
Mumbai: UTI Mutual Fund has launched UTI Gold Exchange Traded Fund (Gold ETF), which is an open exchange traded fund to track the performance and yield of gold. The scheme will invest in gold and will reflect the international price of the commodity in the market.

The new fund offer opens on March 1 and closes on March 12.

Every unit of UTI Gold ETF referred to as UTI Goldshare, will approximately represent one gram of pure gold and will be listed on the NSE. The minimum initial investment is Rs20,000 during the NFO. After the NFO, post listing, units can be bought or sold on the NSE.

All the gold held in the scheme's allocated account with the custodian (Bank of Nova Scotia) will be of fineness of 995 parts per 1000. The load structure will vary from 2.5 per cent to nil for increasing investments during the NFO period. According to UTI the UTI Gold ETF offers investors a relatively cost efficient and secure way to access the gold market without the necessity of taking physical delivery of gold.

The fund will invest 90-100 per cent of the corpus in gold and 0-10 per cent in money market instruments and other debt securities.

Investors will be exempt from wealth tax but will be subject to short-term capital gain tax applicable before one year and long-term capital gain tax after one year. No securities transaction tax will be applicable on units traded on the exchange.
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Afcons to raise up to Rs250 crore thru IPO
Port Louis: Afcons Infrastructure, part of the Mumbai-based, Rs4,500 crore, Shapoorji Pallonji Group, plans to raise up to Rs250 crore through an initial public offering (IPO).

The group will launch the IPO, through a 100 per cent book-building route, by the end of March. A draft red herring prospectus has already been filed with the Securities Exchange Board of India. The IPO is expected to constitute just over 18 per cent of the post issue paid-up capital of Afcons in which, Shapoorji Pallonji holds 97.3 per cent equity. Shapoorji Pallonji had bought Afcons (started originally in 1959), after acquiring the 47 per cent stake from ICICI in 2000 and six per cent from Hazarat & Co.
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Page Industries IPO opens on Feb 23
Mumbai: Page Industries, which is the exclusive licensee of Jockey International Inc, is entering the capital market with an initial public offering of 28.04 lakh equity shares. The issue comprises a fresh issue of 14.12 lakh shares and an offer for sale of 13.91 lakh shares by the promoters.

The price band for the issue has been fixed at Rs360-395. The proceeds will fund the company's expansion plans, which include brand-building, expansion of its garment manufacturing capacity and setting up of a new garment unit near Bangalore. The issue opens on February 23 and closes on February 27.
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