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Tuesday, November 11, 2014

Birla Sun Life Equity Savings Fund Floats On

NFO period is from 11 November to 25 November 2014

Birla Sun Life Mutual Fund has launched a new fund named as Birla Sun Life Equity Savings Fund, an open ended equity scheme. The new fund offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 11 November and close on 25 November 2014. 

The investment objective of the scheme is to provide capital appreciation and income distribution to the investors by using a blend of equity derivatives strategies, arbitrage opportunities and pure equity investments. 

The scheme offers growth and dividend (payout / reinvestment / sweep facility) options under both regular plan and direct plan. 

The scheme shall invest 65-80% in equity & equity related instruments including derivatives (Out of which: Cash-futures arbitrage: 20% - 60% and Net long equity exposure: 20% - 45%) and 20-35% in debt & money market instruments (including margin for derivatives)
The minimum application amount is Rs 5000 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 load: Nil. 

Exit load: For redemption/switch-out of units within 365 days from the date of allotment: 1.50% of applicable NAV. For redemption/switch-out of units after 365 days but within 540 days from the date of allotment: 0.50% of applicable NAV. For redemption/switch-out of units after 540 days from the date of allotment: Nil. 

Benchmark Index for the scheme is S&P BSE 200 to the extent of 30% of portfolio, Crisil Short Term Bond Fund Index to the extent of 30% of the portfolio and Crisil Liquid Fund Index to the extent of 40% of portfolio. 

The fund managers of the scheme will be Satyabrata Mohanty and Prasad Dhonde.
 
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