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Tuesday, August 11, 2009

Birla Sun Life India Reforms Fund files offer document with Sebi

An open ended equity scheme

Birla Sun Life Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch Birla Sun Life India Reforms Fund, an open ended equity scheme. The new fund offer (NFO) price for the scheme is Rs 10 per unit.

The primary investment objective of the scheme is to seek to generate growth and capital appreciation by building a portfolio of companies that are expected to benefit from the economic reforms, PSU divestment and increased government spending.

The scheme shall offer dividend and growth plan. Dividend plan shall have payout and reinvestment option. Default plan/option will be dividend plan/ dividend reinvestment option.

The scheme will invest 65-100% in Equities and Equities related instruments. The scheme will invest 0-35% in Debt and Money Market Instruments (including securitised debt).

The scheme will not charge any entry load. For purchase / switch in of units below Rs. 5 crores in value, an exit load of 1% is payable if the units are redeemed / switched out within 3 years from the date of allotment. For purchase / switch in of units, equal to or greater than 5 crores in value, no exit load is payable.

The minimum application amount for the scheme will be Rs. 5000/- & in multiples of Re 1/- thereafter during the new fund offer period. Minimum additional application amount is Rs 1000/- and in multiples of Re 1/- thereafter during the new fund offer period.

Target Amount to be raised: Rs 1 crore

The Scheme's performance will be benchmarked against S&P CNX 500.

The fund manager of the scheme will be Mr. Ankit Sancheti.

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