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Saturday, May 8, 1999
Market Briefing
FE NEWS SERVICE
MIP target raised to Rs 2,000 crore
Sebi has allowed the Unit Trust of India to increase the target of the Monthly Income Plan 99 to Rs 2000 crore from Rs 1,000 crore. UTI, which has already collected over Rs 800 crore from the MIP had sought permission to raise the target. The MIP was launched on April 5, 1999 with an assured tax free monthly income of 10.75 per cent and annual income and cumulative options at 11.30 per cent for all five years. The plan closes for subscription on May 19 and UTI will not accept subscription above Rs 2000 crore.RBI bars further FII purchases in Zee Telefilms
The Reserve Bank of India (RBI) on Friday barred Foreign Institutional Investors (FIIs) from making further purchases of shares of Zee Telefilms Ltd. without prior permission from the bank. The central bank in a statement here said FII holding in the company had reached the overall ceiling of 28 per cent of its paid up capital. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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