The Association of Mutual Funds in India (Amfi) plans to introduce Know-your-distributor (KYD) procedure for mutual fund distributors with effect from August 1 for all the entities desiring to engage in marketing of mutual fund products and ARN holders. It has been also been decided to engage services of NSDL Database Management Services, a wholly-owned subsidiary of NSDL.In its letter to the fund houses, Amfi stated : "In view of urgency in the matter, kindly convey meeting of KYC Committee and submit recommendations promptly, so that KYD is implemented with effect from August 1."
Reliance Broadcast bags Delhi Metro deal
Reliance Broadcast Network on Monday said it has bagged a five-year contract from Delhi Metro Rail Corporation (DMRC) for construction related works. The company has won the deal for developing DMRC's high potential line-III, Reliance Broadcast Network said in a filing to the BSE (^BSESN : 17957.37 -120.24).
SAIL (SAIL.NS : 208.55 +1.3) plans to pump Rs 100 cr into UP unit
SAIL on Monday said it will invest Rs 100 crore to revive its Uttar Pradesh unit, formerly known as Malvika Steel, which the steelmaker acquired last year. "The total cost of the plant's phase-1 revival has been estimated to be Rs 100 crore," the company said in a statement. SAIL acquired the defunct Malvika Steel for Rs 209 crore last year and rechristened it as the Jagdishpur SAIL unit.
HUL shareholders okay buyback
The shareholders of Hindustan Unilever have approved buyback of equity shares of the company. This is the company's second buy back in less than three years. The FMCG major had announced a buy back in July 2007, eventually buying 30.2 million shares for Rs 626.27 crore at an average price of Rs 207.13. At the time, it had announced a cap of Rs 230 per share for the buyback.
SKS Micro IPO price band at Rs 850-985
The nation's largest microfinance company SKS Microfinance on Monday fixed the price band of its IPO at Rs 850 to Rs 985 per share. The Hyderabad-based microfinance firm expects to raise up to Rs 1,654 crore through the initial public offering, which opens on July 28.
CIL (CUMMINS.BO : 615.75 +27.45) likely to file IPO papers next week
Coal India is likely to file a draft prospectus next week for its initial public offering, billed to be India's biggest issue, through which the government expects to raise about Rs 15,000 crore. "The company's board is meeting on August 5 to finalise the draft red herring prospectus (DRHP) and in all probability, papers will be filed with market regulator Sebi within the first week of August," a person in-the-know of the development, said.
Grasim's plant to operate in full swing
Grasim Industries, an Aditya Birla Group company, on Monday said production at its Nagda staple fibre plant, which was closed due to water shortage, will be back in full swing with monsoon filling up its reservoir. "With the onset of monsoon and the arrival of water in the Nagda reservoir, the staple fibre plant and the Chemical plant at Nagda have restarted in gradual manner and production is expected to be restored to full capacity soon," Grasim said.
UltraTech gets nod for Samruddhi merger
UltraTech Cement on Monday said it received nod of the Bombay High Court and Gujarat High Court for the merger of Samruddhi Cement with itself. Last year, the boards of Ultratech Cement and Samruddhi Cement, a wholly-owned subsidiary of Grasim Industries, unanimously approved Samruddhi's merger with UltraTech.
No comments:
Post a Comment