HDFC Mutual Fund set to launch 'HDFC Debt Fund for Cancer Cure 2014'

Written by PTI | Mumbai | Updated: Feb 23 2014, 22:33pm hrs
Country's largest fund house HDFCMutual Fund is planning to launch its second series named'HDFC Debt Fund for Cancer Cure, 2014' which is a close-endeddebt fund with lock-in period of three years.

"We are doing a second fund, very similar in nature theway the first one has worked. One important addition in thisfund is that whatever donations that is created from the newfund, HDFC AMC will add the same amount and donate it toIndian Cancer Society for providing assistance to cancerpatients," HDFC Mutual Fund managing director Milind Barvetold PTI in an interaction here.

The HDFC MF had generated close to Rs 13 crore towardsdonation for cancer patients through its first cancer fundlaunched three years ago.The new fund offer will open for subscription fromFebruary 25and will close onMarch 11,2014.

Barve said the fund house is likely to raise around Rs100 crore from the new scheme and hopes to donate around Rs20-30 crore for treatment of cancer patients.

The fund house has launched its first scheme for cancercure three years back. In this scheme, investors are given anoption to donate their returns fully or partially to assistpoor cancer patients in their treatment.

As per the fund house, the first scheme has generatedclose to Rs 4.5 crore per annum or around Rs 13 crore in threeyears for donation.Meanwhile, Barve also said that while in the first cancercure fund, the minimum amount for investment was Rs 1 lakh,this will be Rs 50,000 for the second fund to enable widerparticipation.