LIC Mutual Fund Plans to launch LIC Infrastructure Fund Series 1. A 36-months close-ended equity scheme with an automatic conversion into open-ended scheme after completion of 36 months from the date of allotment. The investment objective of the scheme is to provide long term growth in capital by investing predominantly in equity / equity related instruments of companies directly or indirectly involved in the infrastructure sector and debt and money market instruments. The scheme offers investment under two options namely dividend & growth. Under dividend option, the unit holder can choose either dividend payout or reinvestment.
The scheme will invest 70-100% of its portfolio in equity and equity related instruments. The scheme will invest 0-30% in debt and money market instruments. The plan may invest up to 30% of debt portfolio in securitised debt. After conversion into an open-ended scheme, there will be 2.25% entry load charged for investment up to Rs 1 crore and no entry charge for investment above Rs 1 crore.
The units will be redeemed only after recovering the balance proportionate unamortized issue expenses. There will be no exit load charged after the conversion into open-ended. The minimum investment amount is Rs. 5000 and in multiples of Re.1 thereafter.
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