IDBI Mutual Fund has launched a new fund named as IDBI India Top 100 Equity Fund, an open ended growth scheme. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 25 April and will close on 9 May 2012. The scheme re-opens on 22 May 2012.
The investment objective for the scheme is to provide investors with opportunities for long-term growth in capital through active management of a diversified basket of equity stocks, debt and money market instruments. The investment universe of the scheme will be restricted to equity stocks and equity related instruments of companies that are constituents of the S&P CNX Nifty Index (Nifty 50) and the CNX Nifty Junior Indices comprising a total of 100 stocks. These two indices are collectively referred to as the CNX 100 Index. The equity portfolio will be well-diversified and actively managed to realize the scheme objective.
The scheme offer dividend option and growth option. Dividend option offers payout, reinvestment and dividend sweep.
The scheme will allocate 70% to 100% of assets in equities and equity related instruments of constituents of the CNX 100 Index with high risk profile. On the other side it would allocate upto 30% of assets in low to medium risk profile. Investment in Derivative instruments will be up to 50% of the net assets of the Scheme. Investment in derivatives shall be for hedging, portfolio balancing and such other purposes as maybe permitted from time to time.
Minimum application amount is Rs. 5000 and in multiples of Rs. 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs. 10 crore under the scheme during the NFO period.
Entry load is not applicable for the scheme. Exit load charge will be 1% for exit (repurchase/switch-out/SWP) on or before 1 year from the date of allotment for the subscriptions received during the NFO period
Benchmark Index for the scheme is CNX 100 Index and will be managed by V. Balasubramanian.
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