Financial Daily from THE HINDU group of publications
Wednesday, Feb 06, 2002
Financial Daily from THE HINDU group of publications Wednesday, Feb 06, 2002 |
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Markets
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Mutual Funds AMC promoters to infuse more equity Our Bureau
HYDERABAD, Feb. 5 METROPOLITAN Life Insurance Company Ltd (MetLife), the US-based life insurance major, and Investec Asset Management Ltd, the UK-based global investment manager with an asset base of $25-billion, have evinced interest in pumping in further funds into the equity of First India Asset Management Company. Dr A.C. Muthiah, who owns 51 per cent holding in the Rs 11.7-crore equity base of First India AMC, would also be investing in the equity of the company to maintain his majority holding. MetLife, which currently holds 34 per cent stake, and Investec, which has the balance 15 per cent holding, have also expressed their desire to maintain their holdings on the enhanced equity base of Rs 20 crore. A proposal to this effect was recently approved by the board, the First India AMC Country Head, Marketing & Sales, Mr Arindam Ghosh, told reporters here on Tuesday. Enhancing the equity base was considered to strengthen the marketing and services infrastructure of the company across the country. The three stakeholders would bring in funds accordingly to maintain their holdings on the expanded equity base, he said. Mr Ghosh, who was here to announce the launch of three debt schemes, said the AMC has also firmed up plans to launch more complex debt products such as Fixed Maturity and Floating Rate funds. Stating that SEBI approvals for the new schemes would be sought immediately after the closure of IPO of current schemes, he said the new schemes would be rolled out at the earliest.
``We will go in for equity funds only after building a strong base with safety debt products. Equity funds will be considered at an appropriate time, mostly after we manage an asset base of around Rs 1,000-crore by the next fiscal-end. As a part of our growth plans, we are also considering acquisitions. Our eyes and ears are open for such opportunities,'' Mr Arindam Ghosh said.
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