HDFC Mutual Fund has launched a new fixed term fund named as HDFC Fixed Maturity Plan 182 Days April 2011 (1), under HDFC Fixed Maturity Plans - Series XVII, a close-ended income scheme. The duration of the scheme will be 182 days. The face value of the new issue will be Rs. 10 per unit. The new issue will open for subscription on 5 April and close for subscription on 7 April 2011.
The investment objective of the plan is to generate regular income through investments in debt / money market instruments and government securities maturing on or before the maturity date of the plan.
The scheme shall offer two options - growth and dividend option.
The scheme would invest 60% to 100% of assets in debt & money market instruments including securitized debt. The scheme may invest up to 40% of net assets in government securities.
The minimum application amount is Rs. 5000 and in multiples of Rs. 10 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs. 1 crore under the scheme during the NFO period.
Entry and exit load charge will be nil for the scheme.
Benchmark Index will be CRISIL Liquid Fund Index.
The scheme will be managed by Mr. Bharat Pareek and Mr. Miten Lathia.
src: indiaInfoline