Business Daily from THE HINDU group of publications
Monday, Mar 12, 2007
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Business Daily from THE HINDU group of publications Monday, Mar 12, 2007 ePaper |
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Markets
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New Fund Offer Agri-Biz & Commodities - Gold & Silver Our Bureau
Kolkata March 11 Benchmark Asset Management Company has completed the allotment process for Gold BeES, India's first gold exchange traded fund at a base price (before considering applicable entry load in the new fund offer) of Rs 945.7631, the company in a release said on Sunday. Each unit of Gold BeES is roughly equal to the price of one gram of gold. The allotment price has been arrived at after investment of money collected in NFO. In addition to the base price, investors have been charged an entry load up to a ceiling of 1.5 per cent, depending on the amount of application. According to a press note released by the company on Sunday, the open-ended ETF would be listed shortly on the National Stock Exchange. Gold BeES is slated to provide returns that before expenses closely correspond to the returns provided by the domestic price of gold. The annual recurring expenses of the fund would not exceed 1 per cent per annum. The fund, which closed on February 26, had raised about Rs 100 crore.
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