Birla MF Propones Birla Fixed Term Plan-Series O

Birla mutual fund has announced the proponement of the closing for the new fund offer of Birla Fixed Term Plan-Series O, a close-ended income scheme, has been extended by one-day upto Friday 29 December 2006. Subscription for the new fund offer of the Birla Fixed Term Plan-Series O would be accepted till the close of business hours on Friday 29 December 2006. Accordingly, the new fund offer of Birla Fixed Term Plan-Series O is open for subscription from 26 December 2006 to 29 December 2006.
The scheme will invest upto 100% in debt securities and money market instruments. The scheme does not charge any entry load. Whereas, it charges 4% of NAV, if redeemed during first six months from the date of allotment, 3% of NAV, if redeemed after six month and before nine month from the date of allotment. 2% of NAV, if redeemed after nine months but before twelve months from the date of allotment, 1% of NAV, if redeemed after twelve month but before fifteen months from date of allotment, 0.50% of NAV, if redeemed after fifteen months but before maturity. However, no exit load is applicable on redemptions after maturity.

Sundaram BNP To Unveil Two Schemes

Mumbai: Fund house Sundaram BNP Paribas has decided to roll out new fund offers for its two close-ended equity schemes - Equity Multiplier Fund and Small Cap Fun - and expects to mop up around Rs 800 crore in the New Year. Sundaram BNP sees opportunity in investing into small-cap companies, through its Small Cap Fund. The fund would have a tenure of five years and invest more than 65 per cent into equity and equity-related securities, while exposure to other equities, fixed income and money market securities would be below 35 per cent. The scheme, with minimum investment of Rs 5,000 would be benchmarked against the BSE Small Cap Index and has no entry load, while the exit load would be three per cent up to 12 months of investments and narrow down later. The MF aims to collect around Rs 300 crore through the scheme. Stocks with market capitalisation of less than Rs 5,000 crore would be qualifying for the investment portfolio of the scheme. Similar to the Small Cap Fund, the Equity Multiplier Fund would be maintaining its debt-equity exposure at 65-35 per cent level. The close-ended fund would be converted into a open-ended fund after three years.

Mutual Funds On Buying Mode

Mutual funds were reported net buyers of equities worth Rs 361.12 crore on 26 December 2006. This was an outcome of gross purchases worth Rs 674.25 crore and gross sales to the tune of Rs 313.13 crore.

The BSE Sensex had surged 237 points, to settle at 13,708.34 on that day. Domestic funds have invested a net Rs 368.72 crore in equities during December (to 26 December 2006).

Kotak Mahindra MF Rolls Out FMP-16M-Series 1

Kotak Mahindra Mutual Fund has come out with its close-ended debt scheme Kotak Fixed Maturity Plan-16 M Series 1. The new fund offering (NFO) close today. The scheme was open for subscription from 21 December 2006 to 27 December 2006.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest. The minimum investment amount in the scheme is Rs.5000. The scheme carries an exit load of 0.5%, if the units are redeemed before maturity. However, there is no exit load in case of redemption of units on maturity of the scheme. The scheme offers both growth and dividend option. The fund manager for the scheme is Deepak Agarwal.

Prudential ICICI MF To Pay 0.4% Dividend

Prudential ICICI Mutual Fund has come out with a dividend of 0.4% per unit of face value of Rs.10, under the dividend option of Prudential ICICI Fixed Maturity Plan-Series 34-1 Year Plan A. The fund house fixed 27 December 2006 as the record date, for the payment of dividend of Rs. 0.04 per unit, pursuant to which the NAV would fall to the extent of dividend payout and statutory levy, if applicable.

All unit holders registered on or before the record date would be eligible to receive the dividend. The NAV of the scheme stood at Rs.10.0626 per unit under the retail option and Rs 10.0659 under the institutional option, as on 20 December 2006.

Prudential ICICI Fixed Maturity Plan-Series 34-1 Year Plan A, a close ended debt fund, has an investment objective to generate regular income by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the plan.

Kotak MF To Pay Dividend On Kotak FMP 3M-S4

Kotak Mutual Fund to distribute the entire quantum of surplus available on the record date, under dividend option of Kotak Fixed Maturity Plan 3 Month Series 4. The fund house has fixed 26 December 2006 as the record date for the payment of dividend, pursuant to which, the NAV would fall to the extent of dividend payout and statutory levy, if applicable. All unit holders registered on or before the record date would be eligible to receive the dividend. The NAV of the scheme stood at Rs.10.1767 per unit as on 22 December 2006.

Kotak Fixed Maturity Plan-3Month Series-4 is a bond fund launched September 2006. The objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The minimum investment amount for this scheme is Rs.5000 and in multiples of Re.1 thereafter.

UTI - Retirement Benefit Pension Fund

UTI Mutual Fund has forged an arrangement with Union Bank of India for providing its staff members and customers an investment opportunity through a `micro-pension' initiative under UTI-Retirement Benefit Pension Fund. Under the initiative, members will contribute a minimum of Rs. 500 every month towards the UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income/cash flow after they reach the age of 58.