IDBI Mutual Fund launches 'India Top 200 Equity Fund'

MUMBAI: IDBI Mututal Fund today announced the launch of its second fund in the equity segment named ' IDBI India Top 200 Equity Fund', which will be opened for subscription on April 25.

Subscription for the new fund offer (NFO) will close on May 9 and will reopen for sale and repurchase from May 22 onwards, a top company official said.

"Our bouquet of investment options comprise of index-based equity funds as well as gold and debt products. We now bring a diversified, actively manage equity fund to present a long-term investment opportunity in the current equity market," IDBI Asset Management Managing Director and Chief Executive Officer Debasish Mallick told reporters here.

He said the fund house is aiming to ramp up Rs 100 crore from investors from this offer.

Referring to investment objective, Mallick said investment approach of this scheme would concentrate on total of 100 stocks, that are constituents of the S&P CNX Nifty Index (Nifty 50) and the CNX Nifty Junior.

The company, which has a index fund in the equity segment, also said that it would look launching more equity funds in the current financial year.

"We may launch new funds in the equity space in the current financial year," Mallick said.

As per the company, the IDBI Top 100 Equity Fund will provide systematic investment plan (SIP) with a monthly option of investing Rs 500 and in multiples of Rs 1 thereafter.

The retail investors have to pay one percent as exit load if he exits on or before one year from the date of allotment.