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Reliance Infrastructure Fund mops up Rs 2,350 cr
Our Bureau
Mumbai, July 1
Reliance Mutual Fund has
collected Rs 2,350 crore
through its recently concluded
new offer Reliance Infrastructure
Fund.
About 95 per cent of the
money has come from individual
investors and at an average
ticket size of around Rs
50,000, Mr Sundeep Sikka,
CEO of Reliance Mutual
Fund, told Business Line.
COMPETITION HEAT
The amount collected was a
little below expectations as
there were other mutual
fund houses that had started
to market their infrastructure-
based schemes, said a
distributor.
Also SEBI's recent scrapping
of entry load on mutual
fund investments led to many
distributors not participating
in selling the scheme in many
parts of the country during
the last week, said another
distributor.
The new fund offer closed
on June 23.
"We have got investments
from remote locations such
as Rawatbhata, Attur, Jhajjar
and Aizwal. This reflects the
huge retail participation for
this new fund offer. This is a
vindication of our continuing
retail strategy and it's a good
sign for the industry,'' said
Mr Sikka.
The new fund offer had received
over 4.36 lakh applications
from 434 centres
across the country, a news
release from the company
said.
The applications are believed
to have come in from
over 1,000 cities, says the
release.
The infrastructure scheme would invest predominantly in companies engaged in infrastructure and infrastructure-related sectors in the country.
The fund could invest a minimum of 65 per cent and a maximum of 100 per cent in equities and equity-related securities, including derivatives, in infrastructure sectors and infrastructure-related sectors and a maximum of 35 per cent in debt and money market securities.
Benchmark
The benchmark index for the scheme is the BSE 100.
Reliance Mutual Fund manages assets worth Rs 1,02,730 crore as on May 31, 2009, according to AMFI data.
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