Trust MF ropes in Mihir Vora as CIO; IRM Energy IPO subscribed 4.36 times

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Trust Mutual Fund has appointed Mihir Vora as the Chief Investment Officer (CIO) as it prepares to expand its product offerings. The fund house, which offers only debt funds as of now, is set to enter the equity space. Before joining Trust MF, Vora was senior director and CIO of Max Life Insurance. He was also associated with Aditya Birla Sun Life MF Abu Dhabi Investment Authority, HSBC MF, ABN AMRO MF, ICICI Prudential MF, and SBI MF, Trust MF said in a press release.


IRM Energy IPO subscribed 4.36 times on Day 2 of offer

The initial public offering (IPO) of city gas distribution company IRM Energy was subscribed 4.36 times on the second day of the offer on Thursday. The Rs 545.40 crore-initial share sale received bids for 33,269,235 shares against 7,624,800 shares on offer, according to the data available on the NSE. The category for non-institutional investors was subscribed 9.08 times while the quota for retail individual investors (RIIs) received 4.36 times subscription and the portion for qualified institutional buyers (QIBs) got subscribed 1.18 times. The IPO is a fresh issue of up to 10.8 million equity shares. The offer is in the price range of Rs 480-505 per share. 
Pharmaceutical ingredient maker Blue Jet Healthcare on Thursday fixed a price band of Rs 329-346 per share for its Rs 840-crore IPO. The bidding for the issue, which is entirely an Offer for Sale (OFS) compo­nent of 2.42 crore shares by promoters — Akshay Bansarilal Arora and Shiven Akshay Arora — will open for public subscription during October 25-27. The anchor book for the issue will open on October 23, the company said. Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders, and the company will not receive any funds from the issue. The maiden public issue is expected to fetch Rs 799 crore and Rs 840.27 crore at the lower and upper ends of the price band, respectively. Investors can bid for a minimum of 43 equity shares and in multiples of 43 equity shares thereafter.