HDFC MF set to launch 'HDFC Debt Fund for Cancer Cure 2014'

Country's largest fund house HDFC Mutual Fund is planning to launch its second series named 'HDFC Debt Fund for Cancer Cure, 2014' which is a close-ended debt fund with lock-in period of three years.

"We are doing a second fund, very similar in nature the way the first one has worked. One important addition in this fund is that whatever donations that is created from the new fund, HDFC AMC will add the same amount and donate it to Indian Cancer Society for providing assistance to cancer patients," HDFC Mutual Fund managing director Milind Barve told PTI in an interaction here.

The HDFC MF had generated close to Rs 13 crore towards donation for cancer patients through its first cancer fund launched three years ago.

The new fund offer will open for subscription from February 25 and will close on March 11, 2014.

Barve said the fund house is likely to raise around Rs 100 crore from the new scheme and hopes to donate around Rs 20-30 crore for treatment of cancer patients.

The fund house has launched its first scheme for cancer cure three years back. In this scheme, investors are given an option to donate their returns fully or partially to assist poor cancer patients in their treatment.

As per the fund house, the first scheme has generated close to Rs 4.5 crore per annum or around Rs 13 crore in three years for donation.

Meanwhile, Barve also said that while in the first cancer cure fund, the minimum amount for investment was Rs 1 lakh, this will be Rs 50,000 for the second fund to enable wider participation.