Birla Sun Life Mutual Fund has unveiled a new fund named as Birla Sun Life India Reforms Fund, an open ended equity scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue is open for subscription from 10 May and closes on 9 June 2010.
The investment objective is to generate growth and capital appreciation by building a portfolio of companies that are expected to benefit from the economic reforms, PSU divestment and increased government spending.
The scheme will have dividend and growth plan. Dividend plan shall have payout and reinvestment option.
The scheme would allocate 65% to 100% of assets in equity and equity related instruments with medium to high risk profile. It would further allocate up to 35% of assets in debt and money market instruments (including securitized debt) with low to medium risk profile.
The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The fund seeks to collect a minimum subscription amount of Rs 1 crore under the scheme during the NFO period.
For units redeemed / switched out within 1 year from the date of allotment, an exit load of 1% of applicable NAV is payable. For units redeemed / switched out after 1 year from the date of allotment, no exit load is payable
Benchmark Index for the scheme will be S&P CNX 500.
The fund manager for the scheme will be Ankit Sancheti.
Source: http://www.apollosindhoori.cmlinks.com/MutualFund/MFSnapShot.aspx?opt=9&SecId=10&SubSecId=22,24
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