LIC Nomura Mutual Fund aims to raise Rs 100 crore from Dual Advantage Plan

MUMBAI: LIC Nomura Mutual Fund is hopeful of raising Rs 100 crore from its Dual Advantage Fixed Term Plan - Series 1 during the New Fund Offer period which began today.

The New Fund Offer ( NFO) period will close on July 6.

"We are hopeful of collecting Rs 100 crore from Dual Advantage Fixed Term Plan - Series during its NFO period itself," LIC Nomura MF chief investment officer, Saravana Kumar told.

"This will be a debt-oriented scheme where we are looking at investing a minimum of 65 per cent in debt and which can go up to 95 per cent. Similarly, we are also looking at investing a maximum of 35 per cent and a minimum of 5 per cent in equities," he added.

With regards to investments in debt and money market securities, this scheme will invest only in securities which mature on or before the date of maturity of the schemes.

"As per our expectation, the scheme is likely to give a return of 15 per cent in equities and 8.5 per cent in debt. Hence, anyone, who is looking at getting return of 10 per cent or more can look at investing into then scheme," LIC Nomura MF fund manager (equity) Sachin Relekar said.