SBI MF Launches Debt Fund
SBI Mutual Fund has unveiled a new fund named as SBI Debt Fund Series – 370 Days Fund – 8,close ended debt scheme with the duration of 370 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue opens on 8 November and closes on 15 November 2010. The investment objective of the scheme is to provide regular income,liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities,PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme.
Religare MF Unveils 3 Months Fund
Religare Mutual Fund has unveiled a new fund named as Religare Fixed Maturity Plan – Series IV – Plan A (3 Months) under Religare Fixed Maturity Plan – Series IV – Plan A to F,a close ended debt scheme. The duration of the scheme is 3 months from the date of allotment of units. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will open and close for subscription on 29 October 2010. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme. The scheme offers growth & dividend payout option.
Birla Sun Life MF launches a new fund
Birla Sun Life Mutual Fund has launched a new fund named as Birla Sun Life Fixed Term Plan – Series CG,a close ended income scheme with the duration of 367 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue is open for subscription from 28 October and closes on 29 October 2010. The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have only dividend and growth option. Further,dividend option shall have only payout facility. Default option will be growth.
ING Life launches new ULIP
ING Life India launched its a new Unit Linked Insurance Product (ULIP),which meets the wealth accumulation and protection needs of customer. The new ULIP,ING Prospering Life,offers flexibility to choose from 5 fund options to invest in and the option to switch between funds absolutely free of charge. Apart from life cover,ING Prospering Life offers many fund options and fund strategies. The product offers an annualised premium ranging between Rs 48,000 and Rs 96,000,and is competitively priced against other long term investment options. Customers can choose to pay on an Annual,Half-yearly,Quarterly or Monthly mode.
SEBI sets disclosure terms for life insurance companies
The Securities and Exchange Board of India (SEBI) has spelt out disclosure norms for the life insurance companies if they sell shares to the public through Initial Public Offer (IPO). Board approved the recommendations for disclosure by insurance companies made by the SEBI Committee on Disclosures and Accounting Standards (SCODA). The board has approved certain additional disclosures having specific regard to disclosure of risk factors which are specific to insurance company,broad headings under each and overview the insurance industry shall be disclosed,SEBI chairman CB Bhave said.
LIC Housing Finance approves 1:5 stock split
LIC Housing Finance,the mortgage arm of the countrys largest insurance firm LIC,said it has approved a stock split in the ratio of 1:5 to boost the liquidity of its scrip. As per the decision,LIC Housing Finance shares of Rs 10 face value will each be split into five equities of Rs 2 face value,LIC Housing Finance informed the Bombay Stock Exchange. The companys board of directors has also decided to conduct a postal ballot for obtaining shareholders approval for the stock split,it said.
SAIL FPO coming in new year
DELHI:State-run SAILs follow-on public offer is likely to hit the capital market by January-February and the draft prospectus for the issue will be filed by December,Chairman C S Verma said today.
In the next two weeks,we will kick-off the meeting with investment bankers on the FPO. In early December,we will be in a position to prepare a Draft Red Herring Prospectus and then later on,will file the DRHP, Verma told reporters here.
The FPO is expected by January-February, he said. The state-run steel major hopes to raise Rs 8,000 crore from the first phase of the 20 per cent share sale programme.
Reliance Money launches new gold coins with India Post logo
MUMBAI- Reliance Money Infrastructure Limited (RMIL) announced the launch of new gold coins with the India Post logo and an inaugural offer for the upcoming Diwali festival.
The launch was announced by Vikrant Gugnani,Director,Reliance Money Infrastructure Limited,on Thursday
The company,to capitalize on the festive fervor,also launched a special promotional offering 0.5 gram of gold coin free on every purchase of 10 grams. This promotional offer would be available to customers for the entire month of October up to Diwali.