Financial Daily from THE HINDU group of publications
Saturday, Jul 31, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 31, 2004 |
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Markets
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Mutual Funds Kotak Mutual launches floater long-term scheme Our Bureau
Mumbai , July 30 KOTAK Mahindra Mutual Fund has launched the Kotak Floater Long Term Scheme on Friday. This open-ended debt fund would invest predominantly in floating rate debt securities and money market instruments, according to a company press release. The initial public offerings for the scheme would be open from August 2 to 6. About 65 to 100 per cent of the assets under management of the fund would be invested in floating rate debt securities/money market instruments or other debt securities with outstanding maturity up to 182 days.In fixed rate debt securities, 0-35 per cent may be invested, says the press release. While the scheme does not charge any entry load, 0.5 per cent would be charged as exit load for investments less than Rs 10 lakh, if redeemed within six months from the date of purchase. Minimum initial investment for the scheme is Rs 5,000 and subsequent investments can be made in multiples of Rs 1,000, according to the release.
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