Birla Asset Allocation Mops Up Rs 120 Crore From IPO

New Delhi, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
Birla Asset Allocation Fund has mopped up Rs 120 crore from its recently closed initial public offer (IPO).

As stock markets touched an historic high in January, the IPO evoked investor response with over 15,000 investors subscribing to the issue, according to a release from the mutual fund.

The IPO closed for public subscription on January 23, 2004. Asset Allocation Fund, an open-ended fund of funds, is designed to achieve risk diversification. The fund offers four investment plans, namely aggressive plan, moderate plan, conservative plan and dynamic debt plan.

Through asset allocation, investors can decide on the mix of debt and equity which suits their risk profile.

Different investment plans under the scheme are charging an entry load ranging from 0.5 per cent to 1.5 per cent.

The diversification under the fund would be across asset classes and across schemes within an asset class. The asset allocation would be done based on principles of investing like investing more in equities when markets are down and booking gains periodically.