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July 28 | Updated on July 27, 2021

Separate fund manager for each UTI scheme planned

As part of its revamp strategy, Unit Trust of India (UTI) plans to adopt the global practice of placing each scheme under a separate fund manager. UTI also proposes to allot identification numbers to investors in all its schemes, the UTI Chairman, Mr M. Damodaran, said on Friday. The objective of bringing each scheme under a fund manager like other mutual funds, is to ensure accountability, he said and thought UTI had plenty of talent within to do a competent job. However, "if need arise we will go in for upgradation of skills," he said.

Banks may lend Rs 3,000 cr to UTI against scrips held

A Consortium of banks led by the State Bank of India plans to lend around Rs 3,000 crore against shares held by UTI to help it face unit redemptions starting August 1. Other members of the consortium are Bank of Baroda, Corporation Bank, Allahabad Bank, Oriental Bank with a few others keen to join. The consortium will cherrypick shares at the current market prices from the UTI portfolio with the margin being 60 per cent. The funds will bear an interest tag of around 10.50 per cent and the temporary facility may not have a life of over 6-8 months.

Jindals to sell part Shalimar stake to partner

The Rs 4,500-crore O.P. Jindal group has decided to sell a part of its stake hi domestic paint major Shalimar Paints to their foreign partners, the Hong Kong-based Girish Jhunjhunwala Group of Companies. This will make the Jhunjhunwalas the major shareholder in the Rs 140-crore domestic paint major. Currently, Shalimar Paints is jointly controlled by the Jhunjhunwala group and the O.P. Jindal group.

Published on July 27, 2021

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