IDFC MF Launches Two FMPs (25-Jul-2010)
IDFC Mutual Fund has launched two new funds named as IDFC Fixed Maturity Plan – Quarterly Series 59 and IDFC Fixed Maturity Plan Yearly Series 32, close ended income schemes. The New Fund Offer (NFO) price for the schemes is Rs 10 per unit. The new issue opens and closes subscription on 26 July 2010.
The investment objective of the schemes is to generate income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme.
The schemes offer two options viz. growth and dividend option.
The schemes will allocate up to 100% of assets in debt and money market instruments with low to medium risk profile. Investment in securitised debt would be up to 50% of net assets of the plan(s). Investments in derivatives, foreign securities and stock lending would be nil.
The minimum application amount is Rs 10000 and in multiples of Rs 10.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 1 crore under each scheme during the NFO period.
Entry load and exit load charge will be nil for the schemes.
Benchmark Index for the schemes is CRISIL Composite Bond Fund Index.
The schemes will be managed by Anupam Joshi.
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