Morgan Stanley, Citi to acquire stake in NSE
New Delhi: The government has approved the purchase of 6 per cent stake in National Stock Exchange by Morgan Stanley, Citigroup and private equity firm Actis apart from 13 other foreign investment proposals worth Rs4.77 billion ($111 million).

Stanley's Mauritius subsidiary will buy a 3 per cent stake in NSE from IDBI, State Bank of India and SBI Capital Markets, the Finance Ministry said in a statement. Citigroup and Actis will buy NSE shares from a clutch of state-run banks.

The government has also permitted news and information provider Reuters Group Plc to invest Rs343.48 million in preference shares of Times Global Broadcasting Co. Ltd., as part of capital infusion in its Indian venture that runs a news and current affairs television channel.
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Financial Technology sets up subsidiary
Financial Technologies has set up a new subsidiary - TickerPlant Infovending Ltd that will provide real time data, news and analysis for the global and Indian financial markets.

Officials said TickerPlant aims to create a digital infrastructure to aggregate news and disseminate real time ticker feed of over 100 market segments across the globe.

TickerPlant will provide e-feeds for Indian and international equities, commodities, precious metals, market rates and news. It aims to reach low-end retail investors and high-end decision makers.

TickerPlant will have an initial investment of Rs25 crore. Financial Technologies will hold up to 76-per cent stake in the new venture, while strategic investors and other professionals will hold the remaining.

The services offered will also include a set of exclusive products and will be priced in the range of $100-$1,000 (Rs4,500-Rs45,000) per month.
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Indiabulls Real Estate to raise Rs450 crore through convertible warrants
Mumbai: Indiabulls Real Estate (IREL) would raise up to Rs450 crores through fully convertible warrants issued to the promoters, on a preferential basis.

The Board of Directors of the company will seek shareholders' consent via postal ballot to issue up to 1.50 crore warrants that would be fully convertible into equivalent equity shares of face value Rs2 each, at a conversion price of Rs300 per share, IREL informed the BSE.

The proposed conversion price is at 15 per cent premium to the closing price of the shares last Thursday.

Indiabulls Real Estate projects at various stages of execution are currently valued at nearly 5 billion dollars and include high end office and commercial spaces, premium residential developments, and Special Economic Zones, covering a land area in excess of 7730 acres.
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Fidelity Mutual to launch fund offering overseas investments
Mumbai: Fidelity Fund Management has launched Fidelity International Opportunities Fund, an open-ended equity growth scheme that will invest 65 per cent of its corpus in Indian equities and the rest 35 per cent in international equities, focusing on Asia.

The new fund offer opened on 9 April and will close on April 30. The minimum investment amount is Rs5,000.

The entry load is 2.25 per cent for a purchase of less than Rs5 crore. The exit load will be one per cent for redemptions within the first six months. The fund also offers a systematic investment plan.
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Birla Sun Life launches Long Term Advantage fund
Mumbai: Birla Sun Life Mutual Fund has launched Birla Sun Life Long Term Advantage Fund - Series I, a three-year closed-ended equity fund. The fund aims to generate long-term capital appreciation by investing predominantly in equity and equity-related securities of small and mid cap companies. The fund will be benchmarked against the BSE 500 index.
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Benchmark files MidCap BeEs with SEBI
Mumbai: Benchmark Mutual Fund has filed its Midcap Benchmark Exchange Traded Scheme, (Midcap BeES) with SEBI. The fund is an open-ended index fund to be listed on the exchange in the form of an Exchange Traded Fund tracking the CNX mid-cap index.

The Midcap BeES is designed to provide returns that, before expenses, closely correspond to the total returns of stocks as represented by the CNX Midcap Index.

Each unit of Midcap BeES will have a face value of Rs10 each and will be issued at a premium approximately equal to the difference between face value and 1/10th of the value of CNX Midcap Index. Midcap BeES can be bought or sold like any other stock on the National Stock Exchange of India Ltd (NSE) or the authorised participants and large investors can directly buy or sell units with the fund.
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