IDBI MF's dynamic bond scheme opens tomorrow
PTI | 03:01 PM,Jan 30,2012Mumbai, Jan 30 (PTI) Asset management firm IDBI Mutual Fund's new fund offer (NFO) IDBI Dynamic Bond Fund, that offers to generate income while maintaining liquidity on a minimum investment of Rs 5,000, will open tomorrow. The scheme will invest in portfolio comprising debt instruments like government securities, PSU and corporate bonds and money market instruments. "Debt is the flavour of the market. People consider debt to be the best option compared to equities which is still considered uncertain," IDBI Asset Management managing director and chief executive Debasish Mallick said here today. However, the asset allocation in the debt and money market instruments is not predetermined and could vary according to market conditions, he added. The open-ended debt scheme will close on February 14 and has an exit load of 1 percent if redeemed within a year. The company is aiming to collect a corpus of at least Rs 107 crore from the issue. "We want to collect a sizable corpus and allow it to grow with time," executive director B Sarath Sarma said. IDBI Mutual Fund, a part of IDBI Bank, commenced operations in March 2010. Its assets base stood at Rs 6,102 crore at the end of the December quarter. PTI DS BEN DK
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