IDBI Mutual Fund launches IDBI Monthly Income Plan MIP
IDBI Mutual Fund today announced the launch of IDBI Monthly Income Plan (MIP) an open ended income scheme. The New Fund Offer is open for subscription from February 14, to February 28, 2011. The investment objective of the scheme is to provide regular income along with opportunities for capital appreciation through investments in a diversified basket of debt instruments, equity and money market instruments. IDBI Monthly Income Plan will seek to invest in debt instruments (including floating rate debt instruments and securitized debt) equity and equity related instruments and money market instruments. The fund performance will be benchmarked against CRISIL MIP Blended Index.
Speaking on the occasion, Mr Krishnamurthy Vijayan, MD &CEO, IDBI Asset Management Ltd, said, "The current volatility in the equity market has left many investors waiting with liquid assets. IDBI MIP offers an ideal opportunity to those conservative investors who seek regular returns, capital preservation and growth by limiting their exposure to equity. The high short term rates prevailing in the current market conditions provide good prospects for deployment of debt portion of the Fund at attractive levels."
The asset allocation of the scheme will be 80-100% in debt and money market instruments and 0-20% in equity and equity linked instruments. The scheme will invest in the equity and equity related instruments of only such companies which are the constituents of either the S&P CNX Nifty Index (Nifty 50) or the CNX Nifty Junior Index (Nifty Junior) comprising a combined universe of 100 stocks.
The scheme will re-open for continuous sale and repurchase w.e.f. March 14, 2011
About IDBI Asset Management Ltd.
IDBI Asset Management Ltd. is a wholly owned subsidiary of IDBI Bank Ltd. The Sponsor for the IDBI Mutual Fund is IDBI Bank Ltd and the Trustee Company is IDBI MF Trustee Company Ltd. For further details, please contact Ms Arpana Bhatia, tel. no. 022-66096104 or visit www.idbimutual.co.in
Risk factors: Mutual funds investments are subject to market risks, read all scheme related documents (SAI/SID/KIM) carefully.