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Tuesday, February 24, 2009

HDFC MF launches 13 months plan

NFO period from 3 March – 24 March 2009

HDFC Mutual Fund house has commenced initial offering period of HDFC Fixed Maturity Plan 13 Months March 2009 (1) under HDFC Fixed Maturity Plans-Series X. The new offer period (NFO) will open for subscription on 3 March and close for subscription on 24 March 2009. The face value of new issue is Rs 10 per unit.

It is a close ended income scheme. The investment objective of the fund is to generate regular income through investments in debt, money market instruments, and government securities.

The scheme offers wholesale plan and retail plan with growth and dividend option.

Under retail plan, the minimum application amount will be Rs. 5,000 and in multiples of Rs. 10 thereafter. Under wholesale plan, the minimum investment amount is Rs. 25 lakh and in multiples of Rs. 10 thereafter.

The scheme will invest 60%-100% in debt and money market instruments, with low to medium risk profile. The scheme will also invest up to 40% in government securities with low risk profile. Investment in securitised debt will not exceed 75% of the net assets of the respective plan.

The FMP will not charge an entry and exit load. As the scheme is being listed, investors will not be able to redeem their units during the tenor of the Scheme and there will be redemption by the fund only on the maturity of the scheme.

The benchmark index for the scheme would be Crisil Short Term Bond Fund Index. Shobhit Mehrotra will manage the Scheme.

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