UTI to sell stake in TDICIMUMBAI -- Unit Trust of India has decided to sell off its 50 per cent stake in TDICI Ltd -- the country's largest and oldest venture capital fund to the co-promoter ICICI. The venture capital fund, jointly floated by UTI and the term lending institution in 1988, manages five funds aggregating Rs 800 crore.
TDICI was founded joinlty by UTI and ICICI with the objective of providing private equity to companies in the small and medium sector. Over the last nine years it has emerged as the leading private equity asset management company in India with investments of about $88 million in 275 companies. TDICI, which runs a corpus of Rs 800 crore, and an equity base of Rs 3 crore.
DSP Merrill MF reduces entry load
MUMBAI: DSP Merrill Lynch Asset Management Company has reduced the entry load on its equity fund. Instead of the earlier flat rate of 3 per cent, the fund has structured three slabs depending on the amount invested. A two per cent load will be applicable forinvestments of less than Rs 5 lakh, 1.75 per cent for investments between Rs 5-25 lakh and 1.5 per cent for investments of more than Rs 25 lakh.
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