Axis Mutual Fund has launched a new plan named as Axis Fixed Term Plan - Series 24 (3 months), a close ended debt scheme under Axis Fixed Term Plan - Series 20-25. The duration of the scheme is 3 months from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 31 May and will close on 6 June 2012.
The plan of the scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the plan.
The scheme offers two options viz. growth and dividend option. Dividend option offers payout facility.
The scheme will allocate 100% of assets in money market and debt instruments including securitized debt with low to medium risk profile. Investment in securitized debt would be upto 50% of the net assets of the scheme. The scheme shall not invest in foreign securitized debt. Investment in derivatives shall be up to 50% of the net assets of the scheme.
95% to 100% of net assets would be invested in AAA rated certificate of deposits and upto 5% of net assets would be invested in any other instruments such as CBLO, G-secs & T-Bills, Repos and Derivatives.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry and exit load charge will be nil for the scheme. Benchmark Index for the scheme is CRISIL Liquid Fund Index.
The fund managers of the scheme will be Mr. Ninad Deshpande and Mr. Sivakumar.
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