IDBI Mutual Fund announced the launch of IDBI Gilt Fund on December 4, 2012 an open ended dedicated gilt scheme. The New Fund Offer (NFO) will opened for subscription on December 5, 2012 and close on December 17, 2012. The units will be available at par (Rs.10/-) during the NFO and at NAV related prices thereafter. The scheme will re-open for continuous sale and repurchase from December 27, 2012.
The investment objective of the scheme is to provide regular income along with opportunities for capital appreciation through investments in a diversified basket of central government securities, state government securities, treasury bills and similar other instruments.
The benchmark index for the fund is CRISIL Gilt Index.
Speaking on the occasion, Mr. Debasish Mallick, MD & Chief Executive Officer, IDBI Asset Management Ltd said "IDBI Gilt Fund is an approved instrument for investment by exempt Provident Funds, Superannuation Funds, Gratuity Funds and also under the New Pension Scheme. IDBI Gilt Fund will invest in Gilt securities which bear zero-credit risk and offer adequate liquidity. The Fund will dynamically manage duration of gilt securities so as to optimize returns, in the backdrop of present uncertainties. The launch of IDBI Gilt Fund is in line with our endeavour to offer products across the entire spectrum of investment options to suit all classes of investors and their diverse needs."
About IDBI Asset Management Ltd.
IDBI Asset Management Ltd. is a subsidiary of IDBI Bank Ltd. The sponsor for the IDBI MF is IDBI Bank Ltd and the Trustee Company is IDBI MF Trustee Company Ltd. IDBI Mutual Fund's mission is to promote financial inclusion, by assisting the common man in making informed investment choices, through mutual funds and thus bring to him, the prosperity of the capital markets." www.idbimutual.co.in
Risk factors: Mutual funds investments are subject to market risks, read all scheme related documents carefully.
Bienu Vaghela, Chief Editor, ApnaPaisa.com