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Our Bureau

Mumbai , Feb. 8

IN a bid to increase retail participation, Tata TD Asset Management has launched Tata MIP Plus fund with a target of one-lakh investors. The fund will have an equity cap of 20 per cent, double the limit in the Tata MIP fund.

Mr Ved Prakash Chaturvedi, Chief Executive Officer, Tata TD Asset Management, said that the fund would be sold in 75 cities. The total target for the initial public offer is Rs 750 crore.

Detailing the fund houses' market outlook, Mr Chaturvedi said the equity market is in the process of recognising the strong fundamentals of the economy. "Companies are in better health — financially and operationally," he added.

The initial public offer of Tata MIP Plus will be open till February 25. The issue is priced at Rs 10 and the minimum investment ranges from Rs 5,000 to Rs 25,000, depending on the nature of dividend option.

The target of the MIP is to induce investors who normally use the bank deposit route for savings to avail better returns on their investments, said Mr Chaturvedi.

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