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Tuesday, June 09, 2009

IDFC Enterprise Equity Fund Converts into Open ended

With effect from 10 June 2009

IDFC Mutual Fund has announced that IDFC Enterprise Equity Fund shall be converted from close-ended into open-ended scheme, with effect from 10 June 2009. All the provision pertaining to close ended scheme shall cease and those pertaining to open ended scheme shall be applicable from the said date.

After conversion the load structure shall be as follows:

Entry load: For the purchase amount less than Rs 5 crore, the scheme will charge 2.25% of entry load and it will be nil for the purchase amount of Rs 5 crore or more. Through SIP/STP where single installment is less than or equal to Rs 10 lakh or equal to or more than Rs 5 crore the will not charge any entry load. It will charge an entry load of 2.25%, where single installment is Rs 10 lakh and less than Rs 5 crore.

Switch in may attract an entry load like any purchase however no load shall be chargeable on investments switched by investors between equity scheme of IDFC Mf (other than in case of switch – ins of less than Rs 5 crore from IDFC Arbitrage Fund & Arbitrage Plus Fund, where entry load of 2.25% shall be applicable) Such switches may however be subject to exit load as applicable in the scheme from where the investments are switched out.

Exit Load: The scheme will charge an exit load of 2.00% for units purchased after conversion and redeemed within 2 years.

The investment objective of the scheme is to seek to generate capital growth from a portfolio of predominantly equity and equity related instruments.

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