Cholamandalam MF to launch Dynamic Index Fund
Kolkata: Cholamandalam MF proposes to launch the Chola Dynamic Index, a scheme which will invest in all the stocks that comprise the S&P CNX Nifty, regardless of their weightage in the index.

The proposed fund will try to generate capital appreciation by allocating up to 100 per cent of its assets in the 50 scrips that constitute the Nifty. A maximum of 20 per cent may be invested in money market instruments. Tridib Pathak will manage the fund.

An entry load of one per cent will be fixed for investments up to and including Rs10 lakhs. There will be no exit load. However, for systematic investments, there will be an exit load of one per cent if a unit holder redeems before a year. The fund will remain invested at all times in the Nifty stocks but not necessarily in the same weightage.

"The strategy will be to dynamically manage the diversified portfolio of stocks comprising S&P CNX Nifty with medium to long term potential with exposure in any one stock restricted to 10 per cent of the NAV or weightage to NAV equivalent to the weightage the stock has in S&P CNX Nifty, whichever is higher," the offer document filed with SEBI for clearance has mentioned.
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UTI Venture's Ascent India Fund announces closure
Kolkata/Mumbai: The UTI Venture Funds has announced the first closure of the Ascent India Fund, a Rs700-crore private equity fund with a mid-market focus.

The fund will identify promising Indian companies, and its key investment theme will be India's outsourcing strengths, both in services and manufacturing. It will concentrate on areas such as technology, BPO, auto ancillaries, pharma and textiles.

P.P. Prabhu, Chairman, UTI Venture Funds, has commented that the bulk of funds currently flowing into "Indian PE deals" come from abroad. "We are raising predominantly domestic capital in order to bring the benefits of investing in this alternative class of assets to Indian banks, insurance and other companies," he has stated.

Ascent India Fund, which expects to commence investments soon, has lined up deals in the textile and auto ancillary industries. It is now expected that UTI Ventures will be in a position to attract and manage larger funds. UTI Venture Funds' investments include Glenmark Labs, Subex Systems, Scandent Solutions, MoSchip and Strand Genomics.

According to UTI Venture Funds officials, ITVUS, its earlier launch saw over 1,000 deals and returned 30 per cent of the capital to the investors. For the Ascent India Fund, too, UTI Ventures is targeting a return of over thirty per cent.
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India Infoline IPO price band at Rs.70-80
Mumbai: India Infoline, a leading retail investment advisory and intermediary company, has fixed a price band between Rs70 and Rs80 for its forthcoming public issue.

The company is coming out with public issue of 1.18 crore shares with a face value of Rs10 through the book building route. The issue is slated to open on April 21 and close on April 27, according to a statement issued by company.

India Infoline is in the business of broking, distribution of personal finance products including mutual funds, fixed deposits, government bonds etc., corporate agency of life insurance and commodities broking through its separate wholly owned subsidiaries.
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Chrys Cap offloads stake in IVRCL
Hyderabad: Chrys Capital-II LLC has sold 15.25 lakh equity shares of IVRCL Infrastructure & Projects Ltd, amounting to 7.56 per cent of that company's share capital.

In a communiqué to stock exchanges, IVRCL has said that the mode of sale was market sale and the shareholding of Chrys Capital after the sale now stood at 15.95 lakh shares, or 7.91 per cent of the share capital.
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PFC to enter capital market in June
New Delhi: The Power Finance Corporation (PFC) plans to enter the capital market in June with a initial public offering (IPO) and is also mulling a foray into the banking and insurance sectors in order to tap cheaper funds. The institution lends exclusively to the power sector.

The corporation is planning to raise up to ten per cent of its equity through the offer. According to company officials it is likely that the Union Government may also divest an equal amount of equity.

PFC is also looking at entering the banking and insurance sectors in order to raise resources at cheaper rates. Officials said that an internal group is looking into the issue and a decision would be taken after the group submits its report.

The corporation also plans to raise about Rs9,500 crore from bonds, short and long term loans and external commercial borrowings during the current fiscal, with about ten per cent of the total being raised from the overseas market.
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