Birla Sun Life Mutual Fund has launched a new fund named as Birla Sun Life Rajiv Gandhi Equity Savings Scheme – Series 1, a Close ended Equity Scheme investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2012. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 25 February and will close on 20 March 2013.
The investment objective of the scheme is to generate capital appreciation, from a portfolio that is substantially constituted of equity securities specified as eligible securities for Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS).
The scheme will have will have regular plan and direct plan. Each plan under the scheme will have the growth option and dividend option with payout facility.
The scheme would allocate 95% to 100% of assets in equity securities specified as eligible securities for RGESS with medium to high risk profile. On the other side it would allocate upto 5% of assets in cash and cash equivalents and money market instruments.
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 the scheme during the NFO period.
Entry and exit load charge is nil for the scheme.
Benchmark Index for the scheme will be CNX 100.
Nishit Dholakia is the fund manager who will manage the investments of the scheme.
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