ING Vysya MF expects to raise Rs 300 crore from new schemes

The initial offer for these two schemes opens on January 12 and closes on February 6. ING Mutual Fund currently manages a portfolio of Rs 1,450-crore assets.

Announcing this at a press conference, Kavita Hurry, the chief executive officer and managing director of ING Vysya Mutual Fund, said that the Nifty Plus Fund represented the economy as a whole and invested only in companies that were part of the S&P CNX Nifty Index.

"Nifty Plus is an open-ended equity scheme which allows the investors to ride the wave of the index going up by investing at least 70 per cent in S&P CNX Nifty Index. The remaining 30 per cent will be invested in Nifty stocks. During January 12-February 6, units are available at Rs 10 each. The first NAV will be declared on February 24 and the investors can purchase or redeem units every business day at NAV based prices thereafter," she said.

Sushil K Sharma, the chief marketing officer of ING Vysya Mutual Fund, informed that the second scheme, MIP fund, was targeted at those investors who were completely averse to exposure in equities, and instead preferred to stay invested in pure debt investments.

"The MIP fund offers two unique options. While Plan A invests only in debt market securities of high quality, Plan B invests at least 80 per cent in debt and up to 20 per cent in equities, primarily through the Nifty Pus Fund. Apart from addressing the return requirements, the MIP also offers attractive value added services including a free ATM/debit card which enables transactions at 5,000 ATMs across the country without any transaction charges. Investors can avail demand drafts upto Rs 2 lakh free of cost. The MIP also offers an accident cover of Rs 3 lakh for 3 years and accident hospitalisation cover of Rs 35,000," he said.