The Hindu Business Line : MFs wary of accepting fresh applications

Reliance Capital Mutual has announced that it will not accept fresh applications for the Reliance Growth Fund after August 14, 2005 or when the corpus exceeds Rs 1,700 crore, whichever is lower. The fund will be closed for investment for a three-month period.

The fund appears to have decided to adopt this approach to keep the assets under management under check. This is intended to protect the interest of existing investors. This is the first instance in India of an open-end fund closing the subscription window.

Prudential ICICI Mutual has declared a dividend of Rs 0.4385 per unit for PruICICI Income Multiplier - Dividend Option. Investors as of July 19 will be eligible for the dividend.

Prudential ICICI Mutual has announced a dividend of 10 per cent for PruICICI Emerging Star Fund - Dividend Option, The record date for the dividend is July 19.

Canbank Mutual has declared a dividend of 25 per cent for Canexpo. The record date is August 8.

Principal Mutual has declared a dividend of 40 per cent for Principal Resurgent India Equity Fund. The record date is July 29.

Reliance Capital Mutual has launched an open-end tax-savings fund, Reliance Tax Saver. The initial offering period will be between July 25 and August 23. The fund will invest between 80 per cent and 100 per cent in equities.

The minimum investment is Rs 5,000. The fund offers Growth and Dividend Option. There will be no entry load during the initial offer period. The benchmark will be BSE 100.

Kotak Mutual has collected about Rs 640 crore during the initial offer period at Kotak Contra Fund.

Prudential ICICI Mutual's new fund Prudential ICICI Infrastructure Fund will be open for investment between July 18 and August 10 in the initial offer period.

The fund will invest in stocks of companies with a presence in the infrastructure sector. The fund will invest up to 95 per cent of its assets in equities.

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