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Thursday, May 22, 2014

L&T FMP – Series XI – Plan B (90 Days) Floats On

NFO remains open only on 22 May 2014 

L&T Mutual Fund has launched a new fund named as L&T FMP – Series XI - Plan B, a close ended income scheme. The tenure of the scheme is 90 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription only on 22 May 2014.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt / fixed income securities maturing on or before the maturity of the scheme. The scheme offers two options viz. growth and dividend (payout) option. 

The scheme would allocate upto 100% of assets in debt instruments and money market instruments with low to medium risk profile. Debt instruments may include exposure in derivatives, either exchange traded or over the counter which can be upto 50% of net assets as permitted by SEBI regulations. 

75% to 80% of assets would be invested in A1+ rated CDs and invest 20%-25% in A1+ CPs.
The minimum application amount is Rs 10000 and in multiples of Re.1 thereafter. 

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period. 

Entry and exit load charge will be not applicable for the scheme. 

The units of the scheme will be listed on NSE on allotment.

Benchmark Index for the scheme is CRISIL Liquid Fund Index. 

The scheme will be managed by Vikram Chopra and Shobheta Manglik.
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