The Hindu Business Line : GIC MF acquisition to be complete by October, says Canbank CMD

Mr R.V. Shastri (left), Chairman & Managing Director, Canara Bank, with Mr N.R. Ramanujam, Managing Director, Canbank Investment Management Services Ltd, at a press conference in Mumbai on Friday. — Shashi Ashiwal

Mumbai , Sept. 17

THE acquisition of the schemes of GIC Mutual Fund by Canbank Mutual Fund would be completed by October 31, according to Mr R.V. Shastri, Chairman and Managing Director, Canara Bank. The mutual fund arm of Canara Bank is also looking at some other acquisitions and this process of inorganic growth will continue, he said.

Mr Shastri was speaking at the launch of Canbank Mutual Fund's CanIndex Scheme.

CanIndex, Canbank MF's 25th product its portfolio, is an open-ended Nifty-linked equity scheme. The initial public offer of the scheme is open from September 17-27.

The scheme would help the asset management company's goal of taking mutual fund investment opportunities to the semi-urban and rural areas of the country, as well, according to Mr N.R. Ramanujam, Managing Director, Canbank Investment Management Services Ltd.

The scheme, whose objective is to generate income appreciation by investing in companies, whose securities are included in the S & P CNX Nifty, would provide both the income and growth options to investors, according to company officials.

The scheme charges no entry load during the IPO, however, during the continuous offer of the scheme, 1 per cent entry load is charged for investments less than Rs 10 lakh. Similarly, exit load of 1 per cent is charged on investments less than Rs 10 lakh, if exited within 180 days. The minimum investment amount on the fund is Rs 5,000.

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