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Thursday, February 19, 2009

Religare Business Leaders Fund set to launch

Investment exposure will be in equity and equity related instruments

Religare Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch new fund named as Religare Business Leaders Fund, an open-ended equity scheme. The face value of the new issue will be Rs 10 per unit.

The scheme seeks to generate long-term capital appreciation by investing predominantly in equity and equity related instruments including equity derivatives.

The scheme will offer growth & dividend options. Dividend option will further offer monthly dividend payout and reinvestment facility. The minimum application amount will be Rs 5000 and in multiple of Re 1 thereafter.

The scheme seeks to collect a minimum corpus of Rs 1 crore during NFO period.

The scheme will invest 80-100% in equity and equity related instruments with high-risk profile. It will invest up to 20% in money market instruments and debt securities with low to medium risk. Investment in securitised debt including pass through certificate (PTC) shall not exceed 20% of the net assets of the respective plans.

The scheme invest maximum of 50% of the net assets in the derivatives. The scheme shall not deploy more than 30% of its net assets in securities lending and more than 5% of the net assets of the respective plan will be deployed in securities lending to any single counterparty.

The scheme will charge an entry load of 2.25% in respect of each purchase/ switch in of units less than Rs 5 crore in value. In respect of each of each purchase/ switch in of units greater than Rs 5 crore in value, no entry load is payable.

However, in respect of each purchase/ switch in of units less than Rs 5 crore in value, investors will have to pay 1% applicable NAV if investors gets exited within 6 months from the date of allotment. In respect of each of each purchase/ switch in of units greater than Rs 5 crore in value, no exit load is owed.

The performance of the scheme is being benchmarked to the performance of S & P CNX Nifty.

Vetri Subramaniam will be the fund manager for the scheme.

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