Axis Asset Management Company (Axis AMC), a fully-owned subsidiary of Axis Bank, will start its mutual fund operations this year-end. The AMC has received the final regulatory approval from the Securities & Exchange Board of India (SEBI) in this regard. It will soon file for both debt and equity products, and will launch the first [...]

The non-convertible debentures (NCDs) of L&T Finance Ltd, the financial arm of engineering giant Larsen & Toubro, got oversubscribed by 3.86 times. NCDs are a kind of debt instrument issued by a company for a fixed time period and cannot be converted into equity. L&T NCDs received good response from all the three categories of [...]

Reserve Bank of India (RBI) has asked urban co-operative banks (UCBs) to calculate interest on balances in savings accounts on a daily basis with effect from April 1, 2010. The new ruling will help customers earn higher returns on their money in savings accounts. UCBs have been calculating interest on savings account deposits based on [...]

Anil Dhirubhai Ambani Group’s (ADAG) Reliance Mutual Fund declared dividends for its two schemes – Reliance NRI Equity Fund (40 per cent) and Reliance Media & Entertainment Fund (15 per cent). The record date for both the schemes has been fixed as Sept 18, 2009. Reliance NRI Equity Fund is an exclusive open-ended diversified equity [...]

Many financial intermediaries such as banks, brokers, NBFCs, etc., are setting up their own mutual fund units in India. The reason being the significant growth recorded in the mutual fund business over a period, with the assets under management (AUMs) touching Rs 7.5 lakh crore. Some of the public sector banks that have decided to [...]

Mirae Asset Global Investments has launched an open-ended fund – Mirae Asset China Advantage Fund (MACAF) – which will invest predominantly in Chinese and Hong Kong firms. This is India’s first pure China fund. MACAF is a fund-of-funds scheme, which means it will not invest in Chinese companies directly but through funds like Mirae Asset [...]

SREI Infrastructure Finance Ltd., a leading non-banking finance company (NBFC) in India, will set up its mutual fund business soon. The company has already got in-principle approval from the Securities & Exchange Board of India (SEBI). SREI will form two separate units to take care of the asset management business. “Pursuant to an in-principle approval [...]

Housing Development Finance Corporation (HDFC) issued warrants of Rs 301 crore as also non-convertible debentures (NCDs) worth Rs 4,000 crore through the qualified institutional placement (QIP) route. There are a total of 10.95 million warrants, priced at Rs 275 each. The holder can convert each of them into a single equity share of the company [...]

Sahara Group is considering raising US $1 billion through an IPO for its realty arm, Sahara Prime City Limited (SPCL). The IPO is likely to be launched by the end of the year. Its list of advisors comprises investment bankers JM Financial, Kotak Mahindra Capital Company and Enam and legal firms Amarchand Mangaldas Shardul Shroff [...]