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UTI fund picks up stake in portal

MUMBAI: Unit Trust of India's Internet Fund has picked up 5.5 per cent stake in talent and entertainment portal Star Ya Kalakaar.Com Ltd (SYK) for about Rs. 2 crores. ``UTI's offshore fund, based in Mauritius, has taken the stake at Rs. 40 per share of Rs. 10 face value", portal's chairman and CEO, Mr. Amin Merchant, said. The company issued fresh shares to the fund, taking its total share capital close to Rs. 10 crores, he said. Chatterjee and George Soros group company and Indian Capital Corporation, had picked up three per cent stake in the portal at Rs. 30 per share in March, just before its launch on April 3, 2000, he added.

- PTI

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