Axis Equity Saver aims to mop up Rs 600 cr

Axis Mutual Fund plans to mop up between Rs 500 crore and Rs 600 crore through Axis Equity Saver, a multi-asset open-ended equity fund, to be launched later during the month, a senior official said here today.
The new fund offer scheduled to open on July 27 and close on August 10, will reopen on August 20.
"We are looking to mop up Rs 500 crore to Rs 600 crore through the fund, which will invest a maximum of 45 per cent in equity and the balance in debt as well as arbitrage opportunity funds," Axis Mutual Fund Chief Executive Chandresh Nigam told reporters.

The fund aims to generate capital appreciation and income distribution by investing in multiple asset classes which include equity, hedged equity (arbitrage opportunities) and debt.
Later, talking to PTI, he said that his firm has lined up two products to be launched later during the year.
"We have lined up two products, both in the hybrid fund category, to be launched during the later part of the current fiscal," he said.