Financial Daily from THE HINDU group of publications
Thursday, Dec 04, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 04, 2003 |
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Markets
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Mutual Funds IL&FS mutual fund launches monthly income plan Our Bureau
Mumbai , Dec. 3 IL&FS Mutual Fund has announced the launch of IL&FS Monthly Income Plan, an open-ended scheme with no assured returns that seeks to generate regular income for investors. The initial public offer for the scheme, which opened on December 1, will remain open until December 16 while regular sales and redemptions will start from January 1. The corpus of the scheme will largely be invested in quality debt instruments, said an IL&FS release. According to Mr N.K. Sharma, CEO, IL&FS AMC, the prevailing low interest rate makes plain income funds unattractive to investors and the "meaningful mix" of debt and equity in the Monthly Income Plan will help investors gain better value for their investment. The scheme offers investors four plans each with its own NAV - Monthly Dividend Plan, Flexi Dividend Plan, Monthly Payment Plan and Growth Plan.
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