Moneycontrol News
IDBI Mutual Fund has sought the Securities and Exchange Board of India's approval to launch an open-ended equity scheme, IDBI Long Term Value Fund, according to the draft offer document on the SEBI’s website.
The scheme that will be following value investment strategy will allocate at least 65 percent of its assets in equity and equity related instruments and up to 35 percent in debt and money market instruments, including collateralised borrowing and lending obligation.
The scheme can also invest up to 10 percent in real estate investment trusts and infrastructure investment trusts.
Other features:
* Plans: Regular and direct
* Options: Growth and dividend
* Minimum application: Rs 5,000 and in multiples of 1 rupee thereafter
* Exit Load: --Nil, if redeemed or switched out up to 10 percent of unit within 12 months from date of allotment
--1 percent if redeemed or switched out above 10 percent of unit within 12 months from date of allotment
* Fund manager: Uma Venkatraman
* Performance benchmark: S&P BSE 500- Total Returns Index (TRI)
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