IDBI MF launches Gilt fund

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SummaryThe new fund offer will open for subscription on December 5 and close on December 17.

IDBI Asset Management, the mutual fund subsidiary of IDBI Bank, today launched an open-ended gilt scheme named 'IDBI Gilt Fund' which will invest government securities and treasury bills, among others.

"The gilt fund is a debt scheme with a mandate to invest in government securities and other such debt instruments," its managing director and chief executive Debasish Mallick said.

He also said as there is a likelihood of easing in monetary policy going ahead, the gilt fund will be able to give 'sound' returns.

The new fund offer will open for subscription on December 5 and close on December 17. The scheme will reopen for subscription from December 27 onwards.

Investors can invest in this scheme through Systematic Investment Plan (SIP) route with investment of Rs 500 per month and the minimum investment lumpsum will be Rs 5,000.

On the amount the fund house is likely to mop up, Mallick said he is hopeful of garnering around Rs 100 crore during the initial subscription period.

He also said the fund house would consider launching a diversified fund in the equity space going ahead.

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