Indiabulls Mutual Fund (Indiabulls MF) has garnered Rs 1,107 crore through its maiden fund launch of Liquid Fund. Indiabulls MF is sponsored by Indiabulls Financial Services Limited (IFSL). This is the first instance in this calendar year till date that any mutual fund has mobilised more than Rs 1,000 crore in a single working day.
The new fund offer (NFO) opened for subscription on Monday, October 24, and closed the same day. The scheme will re-open for ongoing purchase and sale from October 28, 2011 at Net Asset Value (NAV) based prices. Indiabulls Liquid Fund is benchmarked against ‘Crisil Liquid Fund Index’.
Indiabulls Mutual Fund has an edge over peers as it is sponsored by country’s leading non-banking finance company (NBFC) Indiabulls Financial Services Ltd (IBFSL). The sponsor company has a net worth of Rs 4,661 crore with an asset book of over Rs 27,000 crore and has presence in over 87 cities and towns with a network of 170 branches.
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