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Wednesday, June 17, 2009

SBI Nation Builder Fund seeks for Sebi approval

It is an open ended equity fund

SBI Mutual Fund has filed offer document with Securities and Exchange Board of India (SEBI) to launch SBI Nation Builder Fund. It is an open ended equity fund. The face value of the new issue will be Rs 10 per unit.

The primary objective of the scheme is to provide investors with opportunities for long term growth in capital through an active management of investments in a diversified basket of equity and equity related instruments of companies that will enable the sustainable development of the Indian economy.

The scheme offers growth and dividend option. Dividend option will further offer payout and reinvestment facilities.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme seeks to collect a minimum corpus of Rs 25 crore during NFO period.

The scheme will invest of 65-100% in equities and equity related instruments with high risk profile. It will invest up to 35% in debt and money market instruments with medium to low risk profile. Exposure to derivatives instruments in the scheme may be to the extent of 50% of the net assets. Investment in equities would be through primary as well as secondary market.

For investment below Rs 5 crore, the scheme will charge 2.25% as entry load while no entry load for investments of Rs. 5 crore and above.

For investment below Rs. 5 crore and redeemed within 6 months from the date of investments, 1% will the exit load and no exit load for investment of Rs. 5 crore and above.

The performance of the scheme is set as BSE 100 Index.

R. Srinivasan will manage the scheme.

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