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HDFC Mutual Fund gets Sebi go-ahead for IPO

HDFC Mutual Fund gets Sebi go-ahead for IPO

Finance
New Delhi, Jun 28 () HDFC Asset Management Company, the country's largest mutual fund firm, has received Sebi's go-ahead to float an initial public offer. The company had filed draft papers with Securities and Exchange Board of India (Sebi) in March and received its "observations" on June 22, as per the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch public issues like rights issue, initial public offer (IPO) and follow-on public offer (FPO). HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Going by the draft papers, the proposed IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale of 85.92 lakh shares by HDFC and up to 1.68 cro...
NHS funding: Brexit 'won't save enough' to fund £20bn boost

NHS funding: Brexit 'won't save enough' to fund £20bn boost

Health
The government will not reveal how a £20bn boost to the NHS is funded until the autumn budget - but any savings from Brexit will not be "anything like enough", the health secretary says.Jeremy Hunt also said there "will be an increased burden of taxation" to fund the 3.4% average annual rises to 2023.It came after Theresa May said the NHS funding boost in England would be partly funded by a "Brexit dividend".Labour's John McDonnell called the funding model "not credible".The prime minister announced at the weekend that the government's plan to increase the NHS budget over the next five years.The plan means more money will be given to the rest of the UK - about £4bn - although it will be up to the Welsh and Scottish go...
Franklin Templeton Mutual Fund makes changes to 24 schemes

Franklin Templeton Mutual Fund makes changes to 24 schemes

Finance
Franklin Templeton Mutual Fund is making some changes to 24 of their existing schemes and merging its two schemes (Franklin India Government Securities Fund (FIGSF) - composite and PF Plan into FIGSF – Long Term Plan). The changes will be effective from June 4. The re-categorisation and merger of schemes are in line with Sebi’s new rules on categorisation of mutual funds. “If the investors do not wish to continue the systematic transactions under surviving plan (FIGSF – Long Term Plan) post-merger, the investors are required to intimate Franklin Templeton Mutual Fund in writing their unwillingness to continue the said facilities latest by 3 pm on June 1,” said a communication sent by the fund house to its investors. Apart from the merging schemes, the fund house also made some minor change
Bitcoin exchange Coinbase launches early-stage venture fund

Bitcoin exchange Coinbase launches early-stage venture fund

Finance
Popular cryptocurrency exchange Coinbase is launching a new incubator fund for early-stage start ups, the company announced Thursday."We're going to invest off our balance sheet into crypto companies," Coinbase President and Chief Operating Officer Asiff Hirji told CNBC's "Fast Money" Thursday. "We will invest in companies that are in the space and are aligned with our values."Profits from the fund will be "de minimis" in the scope of the entire company but the fund is already off to a $ 15 million start and set to grow, Hirji said. The fund's seed-stage investments, which will begin this week, will help companies and founders in the crypto and blockchain space get off the ground. It's also meant to focus on building relationships within that ecosystem, he said. In order to do that, Coinba...
China looked at investing in SoftBank's $100 billion tech fund

China looked at investing in SoftBank's $100 billion tech fund

Finance
The Chinese government had talks about possibly financing the world's most ambitious investment project, SoftBank's $ 100 billion bet on the future of technology known as the Vision Fund.China's largest sovereign wealth fund, the China Investment Corporation, last year spoke with the Vision Fund about making an investment, according to five people with knowledge of or briefed on the conversations. A contribution from CIC, which has $ 800 billion to invest, would have been very politically controversial, but it would also supply the Vision Fund, led by CEO Masayoshi Son, with a steady spring of capital for future versions of SoftBank's project.Sources differ on how serious the talks became, but a contribution has yet to materialize, leading many to believe that the chance of an investment ...