HDFC MF launches "HDFC FMP 923D November 2013 (1)"; NFO to close on Nov 20

HDFC MF launches HDFC FMP 923D November 2013 (1)
HDFC Mutual Fund has launched a new close ended income scheme named "HDFC FMP 923D November 2013 (1)" with maturity period of 923 days from the date of allotment.  The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on November 15 and will close on November 20.

According to the offer document filed with SEBI, the entry load is nil and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.

The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter. The three options available under the Plan of the Scheme are Growth, Dividend and Flexi option.

The performance of the scheme will be benchmarked against Crisil Short Term Bond Fund Index. Rakesh Vyas and Shobhit Mehrotra will be the Fund Managers of the scheme.

The asset allocation of scheme will be in such a way that the objective of the scheme to generate income will be met by investing in a diversified portfolio of debt / money market instruments and government securities. Hence, the scheme will allocate 60 to 100 per cent of asset in debt securities and money market instruments and 0 to 40 per cent in government securities.

Dion Global Solutions Ltd.

Story first published: Tuesday, November 19, 2013, 12:59 [IST]
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