The Hindu Business Line : Tata Indo-Global Infrastructure new fund offer opens today

Tata Mutual Fund has announced a new fund – Tata Indo-Global Infrastructure Fund – a three-year close-ended equity fund with an automatic conversion into an open-ended scheme on expiry of three years from the date of allotment.

The new fund offer opens on September 3 and closes on October 16.

The fund’s objective is to generate long term capital appreciation by investing predominantly in equity and equity-related instruments of companies engaged in infrastructure and infrastructure-related sectors and which are incorporated or have their area of primary activity in India and other parts of the world.

The minimum investment in the fund would be Rs 10,000 and in multiples of Re 1 thereafter.

Tata Mutual Fund expects to raise between Rs 1,000 crore and Rs 1,200 crore from both retail and institutional investors, said Mr Ved Prakash Chaturvedi, Managing Director, Tata Asset Management Ltd.

The fund managers will seek to invest more than 65 per cent of net assets in equity shares of domestic companies and around 35 per cent of its net assets in foreign securities. Up to 35 per cent of the assets may be invested in debt and money market instruments.

For the fund’s global investments, the company will work through a global fund house INVESCO Plc, which is domiciled in Luxembourg and managed out of HongKong, said Mr Chaturvedi.

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