Investors pumped in nearly R47,000 crore in various mutual funds during October, making it the highest net inflow in six months, after a net outflow in the previous month. At the gross level, mutual funds mobilised a total amount of R5,92,871 crore, while there were redemptions worth R5,46,151 crore as well resulting into a net inflow of R46,720 crore, as per the latest data available with Sebi. This was the highest monthly net inflow since April, when investors had poured in R92,746 crore in mutual fund schemes. There were net outflows of R51,907 crore in September. However, investments made by mutual funds into the secondary stock market fell sharply in October to R14,478 crore, from R46,911 crore in the previous months.
Muthoot Fin to raise Rs 500 crore via NCD
Muthoot Finance, the country's largest gold loan NBFC, intends to raise up to Rs 500 crore through retail issuance of non-convertible debentures (NCDs) in the next 2 months. We will come out with another NCD offering in the next two months. This will be similar to the last issue, said George Alexander Muthoot, MD of the group.
He said the coupon on the issue will be decided on the prevailing interest rates during the time of the offering. This will be the companys second NCD offering for FY2013. In September, the Kerala-based company had issued a R250-crore NCD offering with an over-subscription option of R250 crore.
Icra sees spurt in home fin market
Rating agency Icra on Monday said the housing finance market would grow 17-19% this fiscal despite high property prices. Although high property prices and a tough operating environment could continue to temper the number of home transactions, possible softening in home loan rates, attractive schemes being offered by banks and higher ticket sizes could support a 17-19% growth," Icra said in a report. According to its estimate, the housing credit outstanding stood at R6,26,100 crore as of the end of the past fiscal and has grown 10% in the first half of this fiscal.
Saama Cap invests in Shubham Housing
Venture capital firm Saama Capital and Frontier Investments Group have invested $4 million in Gurgaon-based Shubham Housing Development Finance Company. Shubham provides mortgages and home-improvement loans to low-income families in urban areas of India. Frontier Investments and Saama Capital have joined the current investors, Elevar Equity and Helion Venture Capital, in this second-round of funding, totalling $8 million.
The company has operations in 17 locations across seven Indian states.