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Birla Balance fund opens for re-sale
United News of India
Mumbai, Nov 3: Birla Mutual Fund's balanced fund, Birla Balance, which set a record after it collected Rs 335 crore through its initial public offering, has re-opened for subscription from November 1. The IPO, which closed for subscription on October 11, has emerged as one of the largest open-end balanced fund in the private sector. Offered as a no-load fund during the initial offer, the fund went open-end at an NAV of Rs 9.38. The net asset value on November 2 was Rs 9.62 - the rise is attributed to the 220-point rise in the Sensex.The fund is the first successful large mutual fund mop-up after the Budget announced a series of tax concessions and incentives to boost investments in the mutual fund industry. According to N K Sharma, senior-vice president (marketing) and chief business development officer, Birla Balance's success is despite a number of public holidays as well as elections during the IPO period. The period also witnessed a flood of mutual fund and corporate IPOs and it was a time for advance tax payment by corporates.Birla Balance received an encouraging response from across the country, with the largest number of subscriptions coming from the western zone followed by the north, south and east. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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