Moneycontrol News
IDBI Mutual Fund has sought the Securities and Exchange Board of India's approval to launch IDBI Dividend Yield Fund, as per the draft offer document on the market regulator's website.
The open-ended equity scheme will invest at least 65 percent of its corpus in equity and equity related instruments of dividend yielding companies, and up to 35 percent in debt and money market instrument.
It also has the provision to invest up to 35 percent in equity and equity related instrument of other than dividend yielding companies and up to 10 percent in units issued by real estate investment trusts and infrastructure investment trusts.
Other features:
* Plans: Regular and direct
* Option: Growth and dividend
* Minimum application: Rs 5,000 and in multiples of one rupee thereafter
* Exit Load: 1 percent if investments up to 10 percent are redeemed on or before 12 months from the allotment date
* Performance benchmark: Nifty Dividend Opportunities 50 - Total Return Index (TRI)
* Fund manager: Ashish Mishra
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