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Wednesday, January 13, 2010

DBS Chola MF Announces Change in Control

DBS Chola Mutual Fund has announced that there shall be change in the control of DBS Cholamandalam Asset Management Limited (DCAM) and DBS Cholamandalam Trustees Limited (DCTL), subject to complying with the necessary regulatory requirements. Consequent to these changes, DBS Chola Mutual Fund shall be renamed as L&T Mutual Fund, DCAM shall be renamed as L&T Investment Management Limited and DCTL shall be renamed as L&T Mutual Fund Trustee Limited.

Cholamandalam DBS Finance Limited (CDFL), existing Sponsor of the DBS Chola Mutual Fund has entered into a MOU with L&T Finance Limited (LTF) for sale of its Asset Management Business. This divestment includes the sale of 100% equity shares of DCAM held by CDFL to LTF, 100% equity shares of DCTL held by CDFL to LTF and transfer of DBS Chola Mutual fund and all the schemes floated by the Fund.

The following existing schemes of DBS Chola Mutual Fund shall be renamed as under with effect from 16 February 2010.

Existing Name of the Scheme
Proposed Name of the Scheme
Debt Schemes
DBS Chola Triple Ace Fund
L&T Triple Ace Fund
DBS Chola Freedom - Short Term Fund
L&T Freedom - Short Term Fund
DBS Chola Short Term Floating Rate Fund
L&T Short Term Floating Rate Fund
DBS Chola Liquid Fund
L&T Liquid Fund
DBS Chola Monthly Income Plan
L&T Monthly Income Plan
DBS Chola Gilt Fund
L&T Gilt Fund
DBS Chola Select Income Fund
L&T Select Income Fund
Equity Schemes
DBS Chola Opportunities Fund
L&T Opportunities Fund
DBS Chola Hedged Equity Fund
L&T Hedged Equity Fund
DBS Chola Midcap Fund
L&T Midcap Fund
DBS Chola Growth Fund
L&T Growth Fund
DBS Chola Tax Saver Fund
L&T Tax Saver Fund
DBS Chola Multi-Cap Fund
L&T Multi-Cap Fund
DBS Chola Contra Fund
L&T Contra Fund
DBS Chola Global Advantage Fund
L&T Global Advantage Fund
DBS Chola Tax Advantage Fund - Series I
L&T Tax Advantage Fund - Series I
DBS Chola Infrastructure Fund
L&T Infrastructure Fund
DBS Chola Small Cap Fund
L&T Small Cap Fund

Unitholders can exit without exit load at applicable NAV during the exit period commencing from 15 January 2010 to 15 February 2010 (inclusive of both days). This offer of exit shall not be available after the closing hours (3.00 p.m.) of 15 February 2010.

Change in name of the Schemes will not result in any change in the basic characteristics and fundamental attributes of the Schemes, including the investment objective of the respective Schemes.

Unitholders who do not opt for redemption on or before 15 February 2010 shall be deemed to have consented to the changes.
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