Bhubaneswar: Birla Sun Life Asset Management Company, one of the leading Asset Management Companies (AMC), aims to mobilise Rs 20 crore for its international equity fund from Orissa. The new fund offer (NFO) will enable investors to infuse in the stocks worldwide. In partnership with the Standard and Poor's Investment Advisory Services, the company has selected 400 stocks worldwide for investment. It is an open-ended diversified equity scheme seeking to generate long term growth of capital.
Birla Sun Life Mutual Fund will infuse the funds mobilised through this offer predominantly in a diversified portfolio of equity and equity related securities. Under plan A, the company will infuse in foreign equity securities as permitted by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). It will also infuse upto10 percent of the net assets in fixed income securities including money market instruments. Similarly, under plan B about 65 percent of the fund will be invested in international equity and about 35 percent in domestic equity. Birla Sun Life Mutual Fund is managing assets of over Rs.150 crore in Orissa. The current investors base in the state in more than 23000.
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