Alfa Laval revises buyback offer price
Pune: Alfa Laval AB has raised its buyback offer for shares from members of the general public, to Rs1,300 from Rs875 per share. The offer, which opened on May 7 will remain open till May 26 and will apply to all transactions during the period. The Swedish company proposes to raise its existing 64 per cent shareholding in its Indian arm to 89.99 per cent to maintain the statutory limit of a less than 90 per cent holding that would qualify it for delisting. Since the company announced its intent to raise its stake in February, the company's share price has been moving up and has been hovering around Rs1,050 till early May when the offer was to come into effect. However, since there were no takers for the shares, the company had to make a new, more attractive offer.

This is the second time in recent years that the parent company has sought to raise its stake in Alfa Laval India. The first time round, in 2001, it made a bid to up it to 76 per cent from the existing 51 per cent, but managed to garner only 13 per cent shares, taking its holding to 64 per cent.
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No service tax on entry, exit loads charged by MFs
New Delhi: Providing relief to mutual fund houses, the Finance Ministry has clarified that the entry and exit load charged from investors by mutual funds would not attract service tax under the category of fund management services.

The revenue department has said that entry and exit load charges are not towards the fund management services provided by an asset management company (AMC), but to meet the initial issue expenses and other specified expenses of the mutual fund.

The total assets under management of the Indian mutual industry as at end-April 2007 stood at Rs3,52,670 crore.
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Realty MFs to be introduced by year-end
Mumbai: Real estate mutual funds will be offered to investors by December or the end of the current financial year, said A.P. Kurian, chairman, Association of Mutual Funds in India (AMFI). He was speaking at a seminar on European Financial Markets, organised by FICCI.

Kurien said AMFI was also working to help mutual funds manage pension money. He added that once it is allowed by the Government, the mutual fund industry will manage around Rs2,000 crore initially.
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