IDBI MF launches “IDBI fmp - Series III NFO to close on May 28

IDBI Mutual Fund has launched a new close ended debt scheme named “IDBI fmp - Series III - 370 Days (May 2013) – E” with a maturity period of 370 days from the respective date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on May 21 and will close on May 28, 2013. According to the offer document filed with SEBI, the entry load is nil and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 5000 and in multiples of Rs 1 thereafter. The two options available under the Plan of the Scheme are Growth and Dividend option. The performance of the scheme will be benchmarked against CRISIL Short Term Bond Fund Index. Gautam Kaul will be the Fund Manager of the scheme. The asset allocation of scheme will be in such a way that the objective of the scheme to generate income will be met through investment in a portfolio of debt & money market securities. Hence, the scheme will allocate 0 to 100 per cent of the asset in money market instruments and 0 to 100 per cent in debt instruments