DSP Merrill Lynch government securities fund will reopen for on-going subscription from October 1. The fund had raised Rs 69 crore in the initial offer period, which was open during September 20-23. Keeping in mind the liquidity perspective, the fund has decided to re-open for ongoing subscription within the shortest time after the IPO. The total assets under management of DSP Merrill Lynch Mutual Fund is Rs 1,104 crore as on September 24.

Dhiri re-elected LSE president

Vishwanath Dhiri has been reelected president of the Ludhiana Stock Exchange for the year 1999-2000. Tribhavan Singh Thapar has been elected vice-president. The election of LSE office-bearers was held as a sequel to election of directors in the annual general meeting held in Ludhiana on Saturday, where Vishwanath Dhiri was earlier re-elected as director.

Compucom IPO oversubscribed 16 times

The Rs 10.81 crore Compucom Software initial public offering has beenoversubscribed 16 times. Lead managed by ASK-Raymond James, the company had offered 14,41,700 equity shares of Rs 10 at a premium of Rs 65. Against the initial target amount of Rs 5.40 crore (Rs 37.50 being the application money), the company raised Rs 91.26 crore from the market. The issue had closed on September 24.

Maiden dividend from K-Gilt investment

Kotak Mahindra Mutual Fund (KMMF) has announced a tax-free dividend of 42.3 paise per unit in its K-Gilt investment plan. It has also declared for September, 1999 a 7.3 paise per unit in its K Gilt saving splan. This is the maiden dividend in K Gilt investment plan and is for the period from 7th may 1999 (NAV of Rs. 10.469) to September 27, 1999. Subsequent dividends will be declared quarterly, according to a company release. This is the third tax free dividend by the K Gilt savings plan which declares it on a monthly basis.

Shah elected president of BgSE

Pankaj J Shah has been elected president of the Bangalore Stock Exchange Limited(BGSE) for a further period of one year. BV Narasimhamurthy and NM Girish would continue as vice-president and treasurer respectively, an exchange press release said. Office-bearers' elections for the year 1999-2000 were held yesterday, the release added.

A clarification

With reference to the article, ``Takeover rumours propel Ind Swift Labs on bourses'', Ranbaxy Lab has denied any plans to acquire Ind Swift and has said that the rumour is unfounded.