Country's top fund house Reliance Mutual Fund today said it is bullish on the government's divestment plan and would like to have a pie in the state-owned majors like Indian Oil and ONGC, which are slated to go public over the next few months.
"We have been participating in the public offers by the state-run companies in past and will keep investing in the coming issues also. We see it as a right opportunity to have a pie the government-run entities," Reliance Mutual Fund Chief Executive Officer Sundeep Sikka said.
However, he did not say whether the Anil Ambani group's RMF has set aside any amount for divestment
The fund has also participated in the just concluded Rs 15,400 crore initial public offering (IPO) by Coal India Ltd, the largest share sale issue so far in the country.
The Centre, which is targetting Rs 40,000 crore mop-up through various stake sale offers during the current financial year, is likely to kick-off the next year in a big way.
The public offerings of three blue-chip Navratna companies -- Steel Authority of India (SAIL), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) -- are expected to hit the Dalal Street in the first quarter next year, Disinvestment Secretary Sumit Bose said last week.
According to Sikka, there is enough appetite in the market to absorb these big public issues. He said these big ticket offerings, along with other issue by some corporate houses, would not choke the primary market.
"There is enough money in the market to absorb these papers. Institutional investors are willing to investment in the India growth story," he said.
Expressing his views on the huge FII inflows in the Indian stock market, Sikka said India is the favourite spot for overseas investors as they see better return here compared to other emerging economies as well as from advanced countries.
Foreign institutional investors (FIIs) have infused a record Rs 1 lakh crore in the Indian stock market so far this year, alarming policy makers and regulators.
Talking about the company's expansion plan, Sikka said his fund house will have presence in the country's all the 600 cities and about 1,000 towns in the coming years and will also hire people in large number to manage them.
He, however, did not divulge any timeframe for expansion plans. At present, Reliance Mutual Fund has presence in about 270 cities.
At the end of September, RMF had an average assets under management of Rs 1.07 lakh crore and an investor count of over 72 lakh folios, as per the data available with the Association of Mutual Funds in India.
Source: http://economictimes.indiatimes.com/markets/ipos/fpos/rights-issues/Reliance-MF-to-continue-investing-in-PSU-IPOs-Sundeep-Sikka/articleshow/6802427.cms
"We have been participating in the public offers by the state-run companies in past and will keep investing in the coming issues also. We see it as a right opportunity to have a pie the government-run entities," Reliance Mutual Fund Chief Executive Officer Sundeep Sikka said.
However, he did not say whether the Anil Ambani group's RMF has set aside any amount for divestment
The fund has also participated in the just concluded Rs 15,400 crore initial public offering (IPO) by Coal India Ltd, the largest share sale issue so far in the country.
The Centre, which is targetting Rs 40,000 crore mop-up through various stake sale offers during the current financial year, is likely to kick-off the next year in a big way.
The public offerings of three blue-chip Navratna companies -- Steel Authority of India (SAIL), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) -- are expected to hit the Dalal Street in the first quarter next year, Disinvestment Secretary Sumit Bose said last week.
According to Sikka, there is enough appetite in the market to absorb these big public issues. He said these big ticket offerings, along with other issue by some corporate houses, would not choke the primary market.
"There is enough money in the market to absorb these papers. Institutional investors are willing to investment in the India growth story," he said.
Expressing his views on the huge FII inflows in the Indian stock market, Sikka said India is the favourite spot for overseas investors as they see better return here compared to other emerging economies as well as from advanced countries.
Foreign institutional investors (FIIs) have infused a record Rs 1 lakh crore in the Indian stock market so far this year, alarming policy makers and regulators.
Talking about the company's expansion plan, Sikka said his fund house will have presence in the country's all the 600 cities and about 1,000 towns in the coming years and will also hire people in large number to manage them.
He, however, did not divulge any timeframe for expansion plans. At present, Reliance Mutual Fund has presence in about 270 cities.
At the end of September, RMF had an average assets under management of Rs 1.07 lakh crore and an investor count of over 72 lakh folios, as per the data available with the Association of Mutual Funds in India.
Source: http://economictimes.indiatimes.com/markets/ipos/fpos/rights-issues/Reliance-MF-to-continue-investing-in-PSU-IPOs-Sundeep-Sikka/articleshow/6802427.cms
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