Indiabulls Mutual Fund eyes Rs 150-200 cr from new income fund plan
"Rs 150-200 crore, we plan to gather by this fund. With interest rates on the decline for the past one year, Income Funds appear to be worthwhile investment option for an investor for medium to longer term...With a healthy appetite, we expect good response from this segment of our NFO," Indiabulls Mutual Fund Chief Executive Officer Sanjay Chandel told reporters here today.
The new fund offer (NFO), which opened for subscription on February 12, would close on February 26.
The income fund is the eighth product of the company. It has already launched six debt funds and one equity fund since the company's inception in October 2011.
The company will distribute the new product through the channel of its advisers, national distributors, Yes Bank, IDBI Bank and its own sales team, Director of Sales and Marketing Udayan Basu said.
The company will also tap large corporate clients apart from retail investors, the added.
The fund will have regular investment options like growth and dividend, with a minimum subscription of Rs 5,000 during the NFO period.
Also, the company is planning to launch Balanced Fund and Gold Monthly Income Plan (MIP).
"We have filed with SEBI on the products which we are thinking to launch such as Balanced Fund and Gold MIP (Monthly Income Plan). Possibly ETF also, but we have not filed for ETF as of now," Chandel said.
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