Excel India Growth & Income Fund has filed a preliminary prospectus for an initial public offering, Toronto-based Excel Funds Management Inc. said Wednesday.
The fund’s investment objectives are to provide unitholders with the opportunity for capital appreciation and monthly cash distributions. The initial distribution target for the fund is expected to be $0.04 per Unit (or $0.48 per year, to yield 4.00% on the subscription price of $12.00 per unit).
Excel Investment Counsel Inc. will act as the portfolio manager of the fund. Aditya Birla Sun Life Asset Management Company Pte Ltd., an affiliate of Birla Sun Life Asset Management Company Ltd., will act as sub-advisor in connection with the selection, purchase and sale of portfolio securities and other assets of the portfolio. Birla Sun Life Group is one of India’s leading independent asset managers and, as at Feb. 28, had over US$19 billion of assets under management.
The syndicate of agents for the offering is being co-led by BMO Capital Markets, CIBC and RBC Capital Markets and includes Scotiabank, National Bank Financial Inc., Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Desjardins Securities Inc., Dundee Securities Ltd., Industrial Alliance Securities Inc., Mackie Research Capital Corp., Manulife Securities Inc., PI Financial Corp. and Sherbrooke Street Capital (SSC) Inc.