Birla Sun Life MF Unveils Fixed Maturity Plans (24-Feb-2010)
Birla Sun Life Mutual Fund has launched 2 new funds named as Birla Sun Life Fixed Term Plan - Series CA (15 Months) & Birla Sun Life Fixed Term Plan - Series CB (18 Months), close ended income scheme. The New Fund Offer (NFO) price for the schemes is Rs 10 per unit. The new issue is open for subscription from 24 February and closes on 2 March 2010.
The investment objective of the schemes is to generate income by investing in a portfolio of fixed income securities maturing in line with the duration of the schemes.
The duration of Birla Sun Life Fixed Term Plan - Series CA is 15 months from the date of allotment and 18 months for Birla Sun Life Fixed Term Plan - Series CB.
Both the schemes will have only dividend and growth option. Further, dividend option shall have only payout facility. Default option will be growth.
The schemes will allocate 100% of assets in debt securities and money market instruments with low to medium risk profile. Money Market Instruments include commercial papers, commercial bills, treasury bills, and government securities having an unexpired maturity up to one year, call or notice money, certificate of deposit, usance bills, CBLOs and any other like instruments as specified by the Reserve Bank of India from time to time
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under each scheme during the NFO period.
Entry load and exit load charge will be nil.
Benchmark Index for the schemes is CRISIL Short Term Bond Fund Index.
The fund manager of the schemes will be Mr. Kaustubh Gupta.
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