Coal India to float IPO after attaining Navaratna status
New Delhi: Coal India (CIL), which was planning to float an initial public offer, would now wait till it is granted the Navaratna status by the Department of Public Enterprises (DPE). The formal request for this from the Coal Ministry is currently under consideration of the DPE, officials said.

Entering the market with the Navaratna status would not only help the Government realise better price for CIL shares but would also empower the company with much greater operational flexibility such as the power to approve projects up to Rs2,000 crore on its own, sources said.
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New UTI MF to raise Rs2,000 cr
Kochi: UTI Mutual Fund is planning to raise about Rs2,000 crore from its new scheme, UTI-India Lifestyle Fund.

The three-year close ended Equity oriented scheme, with an investment objective to provide long-term capital appreciation and income distribution from a diversified portfolio of equity and equity related instruments of companies that are expected to benefit from changing Indian demographics, Indian lifestyles and raising consumption pattern.

Fund officials said over the last few years, due to rising income levels Indian consumers are showing a marked preference for new products and services which deliver higher levels of quality than conventional items. This has changed the scale of demand for household goods and services like autos, home goods, telecom, consumer finance, leisure, entertainment.

The minimum investment in the fund is Rs5000 without any upper limit.

The fund, which opened on July 2, is targeted to cover about five lakh customers in the country by July 25 when it closes.
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