JP Morgan MF files offer document for new equity scheme

NEW DELHI: JP Morgan Mutual Fund has filed offer documents for a new equity scheme to cash in on India's renewed focus on reforms and infrastructure investments.

It has filed draft documents with market regulator Sebi for the scheme -- JP Morgan India Economic Reforms and Infrastructure Fund.

The offer price will be Rs 10 per unit, as per the scheme information documents filed with the Securities and Exchange Board of India.

The scheme offers growth and dividend options and seeks to collect a minimum of Rs 10 crore. It will be benchmarked against S&P BSE 200. The minimum application amount is Rs 5,000 and in multiples of 1 thereafter.

The proposal for the scheme comes amid the BJP-led government laying greater thrust on attracting investments in key sectors, especially infrastructure space, to revive India's economic growth.

The investment objective of the scheme is "to generate long term capital appreciation, from a diversified portfolio that is substantially constituted of equity and equity related securities of companies involved in the economic development of India which could benefit from structural changes brought about by continued liberalisation in economic policies by the government and investments in infrastructure", JP Morgan MF said.