Chola Mutual has launched Chola Global Advantage Fund. This fund will invest in companies that are expanding globally and expect to derive at least 20 per cent of revenues from exports. Companies that have made acquisitions abroad or intend to foray into overseas markets would also be part of the investment universe. The benchmark will be the S & P CNX 500. The minimum investment is Rs 5,000. The initial offer period closes on May 16.

ING Vysya Mutual has launched ING Vysya Mid Cap Fund. The fund will invest in mid-cap stocks that have a market capitalisation in the Rs 100-2,000 crore range. It will own about 40 stocks. The minimum investment is Rs 5,000. The initial offer period closes on May 9.

Birla Mutual is to launch Birla Fixed Term Debt Fund. This is a close-end fund, which has two tenures on offer — the 18-month plan and the 36-month plan. The initial public offer will be between April 25 and May 10. The fund will invest in fixed-income securities that have a maturity period that dovetails with that of the series. The minimum investment amount is Rs 5,000. The fund will invest between 85 and 100 per cent in debt and 15-30 per cent in money market securities. In each of the plans, growth and dividend options will be available. Each plan will target the current yield that is available on a debt portfolio of similar maturity and seek to insulate investors from interest rate changes; to make effective use of these plans, investors would have to remain invested till maturity. They would, however, have the option to exit at NAV.

The administrator of the Specified Undertaking of UTI has declared a dividend of 6 per cent for MIP 2000 (III) and MIP 2001 for FY 06.

Fidelity Mutual's first fund — Fidelity Equity Fund — has mobilised about Rs 1,500 crore during the initial offer period. The fund will invest in about75 stocks and will have the BSE 200 as its benchmark.

BL Research Bureau

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