Axis Mutual Fund will float its maiden diversified equity scheme - Axis Equity Fund - on November 11, as per information on the mutual fund's website. The open-ended equity scheme will close for initial subscription on December 8. Post the new fund offer, the scheme would re-open for ongoing purchases and redemption from January 7. The fund will deploy at least 80% of its corpus in equities, and keep the rest in fixed income securities. The scheme has the flexibility to invest across market capitalisation and sectors.
On October 16, NewsWire18 reported the fund house plans to launch an equity scheme on November 10 or November 11. It flagged off its mutual fund operations on October 8 by floating two funds - Axis Liquid Fund and Axis Treasury Advantage Fund - which collectively garnered Rs 20 billion.
Axis Equity Fund other features:
Axis Equity Fund other features:
* Options: Growth and dividend
* Minimum application: Rs 5,000 and in multiples of one rupee thereafter;
* Additional subscription: 100 rupees and in multiples of one rupee thereafter;
* Entry load: Nil;
* Exit load: 1% for units redeemed within one year from allotment date;
* Performance benchmark index: S&P CNX Nifty Index;
* Fund manager: Chandresh Nigam, head-equities.
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