ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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NCL Industries

IN THE CAPITAL MARKET Canbank Mutual Fund CANBANK MUTUAL FUND, which laun- ched the highly successful Canstock and Canshare in December 1987, has announced two new schemes. One of these, Candouble, is a redeemable non-debt security of the face value of Rs 10 each. The scheme provides for income distribution of not less than 12.5 per cent per annum, but the Fund confidently expects that investment is likely to be doubled at the expiry of the fifth year. Candouble will be listed on the major stock exchanges after one year. The scheme provides for participation by non-resident Indians on non-repatriation basis, subject to Reserve Bank approval. The other new scheme, Can80CC (1990), is intended to give investors benefit under section 80CC of the Income Ikx Act 1961. Investments in Can80CC will be eligible for deduction in the computation of total income of an amount equal to 50 per cent of such invest- ment under section 80CC. A repurchase scheme is proposed to be made available for holders of CanSOCC. In both the above schemes the size of the issue will be Rs 50 crore each. The issues will open on January 15 and close on February 17.

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