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Mangalore , Feb. 9

CANBANK Mutual Fund launched `CanFloating Rate', an open-ended debt scheme, on Tuesday.

A press release by the Canbank Investment Management Services Ltd said the initial public offer would be kept open up to February 22.

It said that the investment objective of the scheme is to generate income as well as capital appreciation by mitigating interest rate risk through investments in floating and fixed rate debt securities.

The scheme offers short-term plan and long-term plan with dividend and growth options. The entire initial issue expenses of the scheme will be borne by Canbank Investment Management Services Ltd, the release added.

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