Amundi SA to Acquire 37% Stake in SBI Funds

SBI Funds Management Private Limited (SBI FMPL), the asset management company of the SBI Mutual Fund, is a joint venture between State Bank of India (SBI) and Societe Generale Asset Management S.A. (SGAM), a subsidiary of Societe Generale S.A (SG).

On 9 July 2009, SG and Credit Agricole SA, entered into an agreement to undertake a global merger of their fundamental asset management business. Pursuant to the Global Merger, which has completed on 31 December 2009, SBI FMPL will shortly become a joint venture between SBI and Amundi S.A. (Amundi), a leading European asset management company. Amundi will, through a wholly owned subsidiary know as Amundi India Holding (AIH), acquire from SGAM, SGAM's entire shareholding in SBI FMPL aggregating to 1,850,000 equity shares constituting 37% of the paid-up equity capital of SBI FMPL and consequently, replace (through AIH) SGAM as a shareholder of SBI FMPL (Transaction).

Amundi is the new joint venture partner of SBI in SBI FMPL. The proposed transfer of shares of SBI FMPL by SGAM to AIH, a wholly subsidiary of Amundi, will result in a change in controlling interest of SBI FMPL.

The Securities and Exchange Board of India gave its nod to this on 24 March 2011.

Source: http://www.adityabirlamoney.com/news/480385/10/22,24/Mutual-Funds-Reports/Amundi-SA-to-Acquire-37-Stake-in-SBI-Funds

UTI Dividend Yield Fund declares tax-free dividend of 5%

UTI Mutual Fund today declared tax-free dividend of 5 per cent for its scheme UTI Dividend Yield Fund.

The record date for the dividend is May 30, the company said in a statement.

All unit holders registered under the dividend options of the scheme as on May 30 would be eligible for dividends. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend, it added.

As on May 24, the NAV per unit of UTI Dividend Yield Fund was Rs 14.34 under the dividend options. UTI-Dividend Yield Fund is an open-ended equity oriented scheme. The investment objective of the scheme is to provide medium to long-term capital gains and dividend distribution.

Source: http://articles.economictimes.indiatimes.com/2011-05-25/news/29581715_1_tax-free-dividend-dividend-options-record-date