The Hindu Business Line : Stanchart plans equity fund

UTI Mutual has announced a dividend of 2.45 per cent (Rs 2.45 for every unit with a face value of Rs 100) for the Charitable and Religious Trusts and Registered Societies (CRTS) Fund. This is the first dividend payment under this fund for FY 06. The record date for the dividend is May 13.

Principal PNB Mutual has launched the Principal Junior Cap Fund. This open-end fund will invest 51 per cent of its assets in stocks that are part of the portfolio of 50 in the S & P CNX Junior Nifty Index. The rest would be invested in mid-cap stocks or stocks with a market capitalisation of less than Rs 2,000 crore. The initial offering period would be between May 12 and June 8. The minimum amount is Rs 5,000.

Reliance Mutual has launched Fixed Maturity Fund Series 2 Annual Plan 2. The IPO will close on May 18. The fund will have a maturity period of 392 days. The minimum investment amount is Rs 5,000. This close-end fund will invest in fixed-income securities whose maturity is in line with the investment objective of the fund.

Standard Chartered Mutual plans to launch its first equity fund in the next couple of months. The fund house has so far focused on debt funds and has an asset base of about Rs 8,500 crore. The fund house is of the view that this is the appropriate time to enter the equity fund space in India given the growing competitiveness of Indian companies and maturing of the stock markets.

ING Vysya Mutual has collected about Rs 200 crore during the initial public offering of ING Vysya Mid-Cap Fund. The fund will invest in stocks of companies with a market capitalisation that ranges between Rs 200 crore and Rs 2,000 crore. The portfolio will have about 40 stocks.

The initial offering period of PruICICI Blended Plan will close on May 18. The fund offers two plans, which will invest in equity, debt and derivative instruments in line with the investment objective. The offer document is available on the fund houses' Web site www.pruiciciamc.com.

BL Research Bureau

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