Kotak MF to introduce more funds
Mumbai: Kotak Mahindra group's asset management business plans to introduce several overseas funds to global and domestic investors, with underlying Indian assets. Senior officials said Kotak Mahindra plans to launch a Shariah Fund for Islamic investors in West Asia in June through a local tie-up. The fund is expected to mobilise $150-$200 million. This is the first time that a Shariah-compliant fund would have underlying Indian assets. Kotak MF also plans to launch an international real estate fund with multiple closures, with the first closure at about Rs125 crore to Rs150 crore.

Kotak Mahindra is planning tie ups with international players in various geographies for funds based on Indian assets. This will be on the lines of its recent fund launched in Australia in joint venture with a local partner. The bank also has plans to expand overseas through physical presence in West Asia.
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Brahamputra Consortium to float IPO
New Delhi: Infrastructure project development company Brahamputra Consortium (BCL) has filed its Draft Red Herring Prospectus with SEBI seeking to tap the capital market. The company will issue 4.2 million equity shares of Rs10 each at a price band to be decided later, said a company release. The issue is through a 100 per cent book building process.

BCL had an order book position of Rs730.93 crore as on January 1. The company will use the net proceeds of the IPO for purchasing capital equipment, augmenting its working capital requirements and investment in build operate transfer projects.
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Indiabulls realty arm to raise Rs5,500-cr
Mumbai: The realty arm of Indiabulls Group, Indiabulls Real Estate, has received shareholders' nod to raise up to Rs 5,500 crore from domestic and overseas markets through a variety of measures which include issuing warrants to promoters, overseas listing through ADRs or GDRs, besides international borrowings, Indiabulls Real Estate informed the Bombay Stock Exchange.
According to a special resolution approved by shareholders, the board of Directors has been authorsied to issue warrants to promoters for raising up to Rs 450 crore.

The promoters - Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal, who together control 30.68 per cent stake in Indiabulls Group, would be allotted 1.50 crore warrants. These warrants can be converted to an equivalent number of shares at a price of Rs 300 each.

Shareholders also gave their nod to another resolution, whereby the Board would issue shares through international offerings in the shape of Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or Foreign Currency Convertible Bonds (FCCBs) for a value up to 600 million dollars (over Rs2,500 crore).

Further, the Board has been authorised to issue specified securities to institutional buyers by way of a qualified institutional placement, for up to Rs2600 crore.
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Fidelity acquired Burmans' stake in Indian arm
Mumbai: Fidelity International has bought out the 25 per cent stake of the Burman family, the promoters of Dabur group, in its Indian arm. After the transaction, Fidelity International will be the sole shareholder in its Indian AMC, which had over Rs6,500 crore in assets until the end of last month.

Fidelity said it wished to achieve full ownership in line with its general practice and added that it continued to enjoy good relations with the Burmans.

Fidelity International is expected to infuse more capital in its Indian arm and expand its operations here. When Fidelity entered India three years ago, it had roped in the Delhi-based Burman family as a minority partner in its domestic asset management company.

The Burman family still holds 74 per cent stake in its insurance joint venture with UK-based Aviva called Aviva Life Insurance India.

Fidelity International manages over $280 billion for major institutions and millions of investors in regions other then US. In the US, Fidelity managed and advised assets more than $2.9 trillion as of December 31, 2006.
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