MUMBAI: The government of Switzerland has sponsored a $25-million private equity fund, Swiss Tec Venture Capital Fund, for investment in India. The Mauritius-based close-ended fund with a life of 10 years was officially launched a couple of weeks ago. The Calcutta-based Alliance Venture Capital Advisors Ltd of the Alliance group will be the investment advisor to the fund.

Modified badla on BSE from Nov 10

MUMBAI: BSE is set to implement the modified carryforward system from the settlement beginning November 10. The exchange has finalised the operational modalities for the modified system and will remove the current limits and sub-limits. There will be only one limit of Rs 20 crore for carryforward business.

Crisil seeks RBI nod to up FII stake

MUMBAI: Crisil will seek RBI's approval for raising the ceiling on foreign institutional investors' shareholding from 24 per cent to 30 per cent, a senior official said on Tuesday. Shareholders on Tuesday gave the company the go ahead to approach the central bank for permission to raise the ceiling.

UTI overseas fund mops up $70 m

MUMBAI: Unit Trust of India has received $70 million in subscription to its overseas PSU fund. UTI executive director Basudev Sen said that indications to this effect had been received on Tuesday morning. Subscriptions have come from a broad base of investors from the UK, US, Hong Kong and Singapore. The monies are expected to come in within the next two days. Sen indicated that the monies will be invested without much delay.

Modistone to sell plant

MUMBAI: Shareholders of Modistone Ltd, have authorised the board to sell off the plant and machinery of its Sewree plant, Mumbai.A resolution passed at an EGM today authorised the board to ``sell, transfer, lease or otherwise dispose of at the market value plant and machinery, equipment accessories and other items not required to carry out mixing and dipping operations at the Sewree plant.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.