Infrastructure fund from SBI Mutual
Mumbai: SBI Mutual Fund has launched `SBI Infrastructure Fund - Series I', which is a three-year close-ended growth fund that will invest in the equity of a diversified basket of companies directly or indirectly involved in infrastructure and in the debt markets.

The new fund offer opens on May 11 and closes June 8. The minimum application for the scheme is Rs5,000. The fund will have growth and dividend investment options.

Fund officials said the fund will have a top-down approach to identify and create a diversified portfolio of companies and will have no sectoral or market capitalisation bias.

The fund will invest a minimum of 65 per cent in equity and equity-related instruments, including derivatives, and the balance may be invested in a mixture of debt and money market instruments. The fund has been benchmarked against the BSE 100 index. The fund may also invest up to 10 per cent of its corpus in private equity or unlisted stocks of companies in the infrastructure space.
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Time Technoplast floats IPO
Mumbai: Time Technoplast, engaged in manufacturing and sale of technology-based polymer products, will enter the capital market with an initial public offer of 39,21,500 equity shares of Rs10 each for cash at a premium to be decided through a 100 per cent book building process. The price band for the issue has been fixed between Rs290 and Rs315 per equity share. The IPO opens for subscription on May 18 and closes May 23. The issue constitutes 18.74 per cent of the fully diluted post-issue paid-up capital of the company.

The company has reserved 2,61,100 equity shares for eligible employees. Of the net issue, at least 60 per cent will be allocated to Qualified Institutional Bidders of which 5 per cent will be allotted to mutual funds. Further, up to 30 per cent of the net issue will be provided to retail investors and up to 10 per cent will be available for allocation on a proportionate basis to Non-Institutional Investors.
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Fidelity reduces holding in Arvind Mills
Kolkata: Fidelity Management and Research Corporation (FMR Corp) and Fidelity International Ltd (FIL) have reduced their combined holding in Arvind Mills.

Funds under the management of FMR Corp and its direct and indirect subsidiaries along with FIL and its subsidiaries sold 24.66 lakh shares of Arvind Mills on April 27 in the open market which represented 1.18 per cent of the company's paid-up equity. After this unloading, Fidelity's holding in Arvind has come down to 2.03 per cent.

Arvind Mills has been seeing reduction in FII investments in the past four quarters. As on March 31, 2007, it had total FII investments of 18.53 per cent or 3.88 crore shares, against 25.35 per cent or 5.31 crore as on March 31, 2006. In the March 2007 quarter, Fid Funds Mauritius Ltd held 6.9 per cent stake in Arvind Mills.
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Indiabulls' GDR offer price fixed at $13.06
Mumbai: Indiabulls Financial Services has fixed the price of its GDR offering on the Luxembourg Stock Exchange at $13.06 per GDR on May 9, marginally lower than Wednesday's closing price of Rs555.65 on the Bombay Stock Exchange. Each GDR represents one equity share of the company of Rs2 each. The company had raised $275 million through GDRs listed on the Luxembourg Stock Exchange. The book closed on May 9.
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Suryachakra Power gets approval for IPO
Hyderabad: Suryachakra Power Corporation has received Sebi's nod for its issue of 3.4 crore equity shares of Rs10 each through the book building route.

The Hyderabad-based company is slated to hit the capital market in June 2007. The purpose of the issue is to raise funds for investment in one of its subsidiary MSM Energy Ltd and augment the working capital needs, power trading and general corporate purpose.

Suryachakra is running an independent power plant in Andaman & Nicobar Islands and is implementing two renewable energy projects in Chhattisgarh as 100 per cent subsidiaries, according to a press release.
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Four entities vie for Sharekhan stake
Mumbai: Citigroup's private equity arm Citigroup Venture Capital International, Baring Private Equity, TPG and 3i are vying for a stake in Sharekhan, the retail brokerage arm of the Mumbai-based SSKI group. The existing private equity investors General Atlantic, Intel Capital and a group of funds advised by HSBC Pvt Equity India, which own about 48 per cent stake in Sharekhan, are looking to sell either fully or partially in the current equity sale.

Sharekhan says it requires Rs200-300 crore for expansion and the present private equity players are planning to exit. The brokerage will be issuing fresh shares and are interested in roping in only one PE firm and not any strategic alliance.
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Reliance MF assets cross 50,000-cr mark
Mumbai: Anil Dhirubhai Ambani group firm Reliance Mutual Fund's assets have crossed the Rs50,000 crore mark.

The ADAG firm has also been accorded ISO 9001:2000 certificate, making it the second asset management company in the country to get this quality standard, covering all functional areas.

The ISO 9001:2000 certification is valid for its products' design and development, sales and customer support services, a company release said.

The combined AUMs of 30 fund houses rose over Rs24,017 crore during the month to report a total of Rs 3,50,441 crore in April this year as against Rs3,26,425 crore in March.

ICICI Prudential maintains the second position with AUMs of Rs42,268 crore in April.

The latest ISO certification, awarded by Det Norske Veritas (DNV), is valid till 2007, the release added.

In March, Reliance Life Insurance Company (RLIC), associate firm of ADAG's Reliance Capital, also bagged the certification on account of superior management systems in key areas of quality, customer and process orientation.
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Kingfisher may float IPO
Bangalore: Kingfisher Airlines may raise funds from other private investors and float an IPO to fund the acquisition of the world's largest aircraft A380. The first of the A380s are expected to be delivered later this year or early next year.

UB Holdings has already sought shareholders' approval for raising up to Rs6,000 crore through a mix of funding options for acquisition of aircraft and setting up infrastructure for the airline business. Kingfisher has placed orders for five A380s, which will enable the airline to kick off its international operations.
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