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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (5231)	7/21/1999 9:22:00 PM
From: Satish C. Shah	Respond to of 12475

Hello Mohan: Agree totally. It is always self interest first. Idealogy is for the other guy. Burhanpur is in MP. Actually right in the middle of it all. Indore, Nagpur, Amraoti. I am upto 80. now. Good reading. Regards, Satish

To: Mohan Marette who wrote (5231)	7/22/1999 8:51:00 AM
From: Mohan Marette	Respond to of 12475

IPCL on buy list of offshore mutual funds ipcl.co.in 3 little known mutual funds have picked up about 30 m shares of IPCL or about 12.6% of the company since April 1999. Market sources believe that Monument Investment (Mauritius) - a Mauritius-based company has picked up about 4% of IPCL's equity between April 1999 and May 1999. A major deal was struck by Monument in the second week of May when UTI sold about 10 m shares through its broker - Credit Lyonnais. The other fund believed to have purchased about 5 m shares of IPCL from UTI about the same time is Weel Corde Finance Limited - a similar offshore fund. A further 5 m shares of IPCL were also purchased direct from the market by the two funds during April 1999. The third mutual fund, Fledgling Investment Limited, has picked up over one crore shares from the market during the last three months, thus taking 4.2 per cent of the total public holding of IPCL All three funds are believed to have picked up the equity when prices were fluctuating between Rs 90 and Rs 98 per share. Interestingly, none of the three has crossed the limit of five per cent of the total equity available in the market set by the Securities and Exchange Board of India (SEBI) to keep predators at bay. This is seen as an extremely significant development at a time when 25 per cent of IPCL's equity is being offered to the public as part of the government's disinvestment plan. If the funds have acted on behalf of any company, then this company will enjoy sufficient flexibility while making a public offer as per SEBI requirement. 22 July, 1999 (EquiMaster)