IDBI Mutual Funds garners over Rs 120 crore from 'Gilt Fund'

MUMBAI: IDBI Asset Management, the mutual fund subsidiary of IDBI Bank, has garnered over Rs 120 crore through its ' IDBI Gilt Fund', the company said in a release.

"We have received an overwhelming response to our latest offering, IDBI Gilt Fund, from across the country," Managing Director and Chief Executive Officer of IDBI Asset Management Debasish Mallick said.

The Gilt Fund, which opened for subscription on December 5 and closed on December 17, has been designed to provide regular income to investors along with opportunities for capital appreciation through investments in Central and state government securities, treasury bills and similar other instruments issued by Central and state governments.

The scheme reopens for continuous sale and repurchase from December 27.

IDBI Mutual Fund has an average assets under management of around Rs 5,412 crore by the end of September quarter.