Mahindra Asset Management hopes to raise Rs 500cr via scheme

Mahindra Asset Management Company Pvt Ltd (MAMCPL) today said it hopes to raise around Rs 500 crore through its new open-ended equity scheme.
The scheme, Mahindra Mutual Fund Dhan Sanchay Yojana, is a wealth accumulation plan for long-term capital appreciation and income generation, MAMCPL Managing Director and CEO Ashutosh Bishnoi said.
It is best suited for investors who are keen to take a measured exposure in the equity market and looking for an optimal investment solution through investment in both equity and debt, he said.
The new fund offer will open for subscription on January 10 and close on January 24. Thereafter, the scheme will reopen for continuous sale and repurchase from February 8, Bishnoi said.

The company hopes to mop up around Rs 500 crore through the scheme, he added.
MAMCPL is the investment manager to Mahindra Mutual Fund and a wholly-owned subsidiary of Mahindra Finance.