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SBI Mutual Fund targets to raise Rs 1,000 crore through its three-year close ended new equity fund offer.
The SBI Equity Opportunities Fund - Series I will be open for subscription between September 11 and 25. The fund, which would have about 40 stocks under its portfolio, in normal circumstances will invest 80 to 100 per cent of the total assets in equity and equity-related instruments and 20 per cent in debt and money market.
Dinesh Khara, Managing Director, SBI Mutual Fund, said the fund house would aim to garner 50-60 per cent of the fund-raising from beyond top 15 cities.
"We added many new branches since start of this year and hope to attract a number of first time investors through these centres," he said.
SBI Mutual Fund last launched a pure play close ended equity scheme in 2010.
The close ended nature of the scheme allows the fund manager far more flexilbility to create a long-term portfolio with ability to tap the potential opportunities from structural trends such as home improvement, e-commerce, import substitution, manufacturing exports, defence and education, Khara said.
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