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Monday, September 07, 2009

Mirae Asset India Midcap Fund files offer document with Sebi

An open-ended equity fund

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

The investment objective of the scheme is to generate income and capital appreciation from a diversified portfolio predominantly investing in Indian equities and equity related securities of companies which are not part of the top 100 stocks by market capitalization and have market capitalization of atleast Rs. 100 crore at the time of investment..

The scheme shall have Regular Plan and offer two options viz., Growth and Dividend.. The dividend option offers dividend payout and dividend re-investment facilities.

The scheme will invest 65-100% in Indian equities and equity related securities of companies, which are not part of the top 100 stocks by market capitalization and have market capitalization of atleast Rs.100 crore at the time of investment. Equity and Equity related instruments include investments in ADRs / GDRs / IDRs / foreign securities as permitted under SEBI Guidelines on Overseas Investment, convertible debentures, equity warrants, convertible preference shares, equity derivatives etc. The scheme can invest upto 30% of Net Assets of scheme into equity derivatives instruments.

0-35% Other Indian equities and equity related securities. 0-35% in money market instruments / debt securities instruments (including upto 20% of corpus in securitized debt).

The scheme will not charge any entry load. The scheme will charge an exit load of 1%, if redeemed within 1 year (365 days) from the date of allotment. There will no exit load if redeemed after 1 year (365 days) from the date of allotment.

The minimum application amount will be Rs.5,000 per application and in multiples of Re 1 thereafter.

The fund seeks to collect a minimum subscription amount of Rs. 10 lakh under the scheme during the NFO period.

The performance of the scheme will be benchmarked against CNX Midcap Index

The fund managers of the scheme will be Gopal Agrawal and Neelesh Surana .

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