Financial Daily from THE HINDU group of publications
Tuesday, Aug 17, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 17, 2004 |
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Markets
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Mutual Funds Chola Mutual launches floating rate fund Our Bureau
Mumbai , Aug. 16 CHOLA Mutual Fund launched it floating rate fund, an open-ended income scheme that will invest in floating rate debt instruments. The fund will provide income consistent with the prudent risk from a portfolio substantially comprising of floating rate debt instruments, money market instruments and fixed rate debt instruments swapped for floating rate return, according to Mr Sashi Krishnan, Chief Executive, Chola Mutual Fund. The initial public offer of the fund remains open from August 17 to 19. The minimum application amount for the same is Rs. 25,000. Chola MF has a target of Rs 100 crore to be raised from the IPO, said Mr Krishnan. Speaking of expected returns from the fund, Mr Krishnan said that yields in the region of 4.5 per cent can be expected till interest rates get reset. The fund house, currently manages Rs 1,235 crore of assets and is now seeking to double it by March 2005, according to Mr Vineet Potnis, Chief Marketing Officer, Chola MF.
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