Financial Daily from THE HINDU group of publications
Tuesday, Jul 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 13, 2004 |
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Markets
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Mutual Funds BoB Mutual plans to convert ELSS into Diversified Fund Our Bureau
Mumbai , July 12 BANK of Baroda Mutual Fund plans to convert BOB ELSS'95, a close-ended scheme due for redemption on April 1, 2005, into BOB Diversified Fund. The offer document for BOB Diversified Fund has been filed with the Securities and Exchange Board of India. The new fund will invest 80-100 per cent in equity and can invest up to 20 per cent in debt and money market instruments, according to the offer document. "The investment objective of the fund is to generate long-term capital appreciation through a well researched portfolio comprising of equity, equity-related instruments and money market instruments," states the offer document. Investors can choose between growth and dividend options under the scheme. The minimum application amount is Rs 3,000. The initial offer price of the scheme is Rs 10 per unit. Unit holders will have to pay an entry load of two per cent for ongoing purchases of the units. The fund carries no exit load, according to the document. BOB AMC manages Rs 429 crore of assets as per Association of Mutual Funds in India's data for May 2004.
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