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Friday, June 19, 2009

IDFC Infrastructure Fund waits for Sebi's approval

Exposure will be companies engaged in infrastructure

IDFC Mutual Fund has filed offer document with Securities and Exchange Board of India (SEBI) to launch IDFC Infrastructure Fund, an open ended equity fund. The New Fund offer price will be Rs 10 per unit.

Details of the Scheme:

Investment Objective: The scheme endeavors to seek to generate long-term capital growth from a portfolio of predominantly equity and equity related instruments of companies engaged in infrastructural and infrastructural related activities.

Plans: There are two options: growth and dividend option. Reinvestment facility is also available under the dividend option.

Asset Allocation: The plans will invest 65-100% of net asset in equities & equity related securities of companies engaged in infrastructural and infrastructural related activities with high risk profile. It may have investment up to 35% in debt securities and money market instruments with low to medium risk profile. Investment in securitized debt shall be up to 35% of net assets of the scheme. Investments in foreign debt instruments will be up to 35% of the net assets. The fund will take exposure of 100% of net asset exposure in derivatives.

Load Structure: The scheme may charge an entry load of 2.25% for purchase of less than Rs 5 crore while nil entry load for application amount of Rs 5 crore and above.

For Purchases of Rs. 5 crore or more, no exit load will be charged. It may ask 1% exit load for In case of purchases of less than Rs. 5 crore if redeemed within 1 year from the date of purchase(s) applying First in First Out basis.

Minimum Investment Amount: The minimum application amount will be Rs 5000 and in multiples of Re 1 thereafter.

Minimum Target amount: The fund seeks to collect a minimum subscription amount of Rs 1 crore under each series during NFO.

Benchmark Index: The performance of the scheme will be benchmarked against BSE 200.

Fund Manager: Kenneth Andrade will manage the fund.

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