IDFC Mutual Fund launches tax advantage fund

MUMBAI: IDFC Mutual Fund on Tuesday launched its open-ended equity linked savings scheme -- IDFC Tax Advantage Fund that will invest in equity and equity related instruments.

The scheme, which is benchmarked against the BSE 200 index, may also invest in debt and money market instruments, the company said in a press statement issued here.

"The scheme will invest in well managed growth companies that are available at a reasonable value and offer a high return growth potential to investors," IDFC Mutual Fund Managing Director, Naval Bir Kumar said.

The new fund offer opened on December 1 and will close on December 17, 2008, the company said.

The fund has a minimum subscription of Rs 500 and offers tax benefits and long term capital generation to investors, it said.