Castrol UK’s open offer for Indian unit
Mumbai: Castrol UK, a wholly-owned subsidiary of BP Amoco has announced its plan to make an open offer for up to 20 per cent of the issued equity share capital of Castrol India at Rs 311.91 per fully paid-up equity share.

The offer will be kept open from January 29 to February 28 2001. Each shareholder of Castrol India will be mailed a letter of offer and a form of acceptance-cum-acknolwedgement that will contain the detailed procedure for applying in the offer.

The offer follows the deemed change of control of Castrol India with the acquisition of Burmah Castrol by BP Amoco in July 2000 and in compliance of Sebi regulations governing takeovers.
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Mutual fund redemptions exceed last year’s numbers
Mumbai: Domestic mutual fund redemption figures have gone past the previous year's numbers.

Redemptions in the eight months ended November touched Rs 45,569 crore against Rs 42,271.35 crore in the April 1999-March 2000 period. Redemptions in private sector mutual funds surged to Rs 33,893.98 crore in the eight months against Rs 28,559.18 crore in the 12-month period, while redemption in mutual funds of public sector banks stood at Rs 4203.57 crore (Rs 4562.05 crore).

The Unit Trust of India (UTI) witnessed Rs 7,472 crore worth redemptions partly due to redemptions under the Rajalakshmi Scheme, which was terminated in August 2000.

The mobilisation by mutual funds till November stood at Rs 5,2580.30 crore against Rs 46,692.14 crore till October. While the private sector funds mobilised Rs 40,999.76 crore till November, the public sector funds garnered around Rs 2,583.54 crore (Rs 2,283.21 crore). UTI's mobilisation during the period was to the tune of Rs 8,997 crore against Rs 8,524 crore till October.

The net inflows in the case of private sector mutual funds till November stood at Rs 7,105.78 crore against Rs 6,247.44 crore till October. Public sector funds continued to face outflows worth Rs 1,620.03 crore at the end of November against outflows of Rs 1,821 crore by October end.

The net inflows for UTI till November was at Rs 1,525 crore against Rs 1,741 crore at the end of October. The cumulative net assets of all the mutual funds were at Rs 9,9520.49 crore as of November 30 against Rs 96,836.66 crore in October. While UTI's share in the industry has come down to 64.76 per cent from 65.28 per cent in October, while the private and public sector funds have a share of 27.84 per cent and 6.88 per cent, respectively.
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