* Templeton India Mutual Fund has come out with an innovative product - Floating Rate Income Fund. It is an open-ended income fund that will primarily invest in floating rate debt instruments (65%-100%). The fund will be open for subscription from January 21 to February 02, 2002. It offers two plans - Short-term and Long-term Plan. Minimum investment is of Rs 1,00,000 for short-term plan and Rs 2,000 for long-term plan.
Entry into the fund is on a no-load basis. Exit from the Short-term Plan will be at NAV. But, in the Long-term Plan, for redemption amount of Rs 10 lakhs and below, the fund will charge an exit load of 0.5 per cent if redeemed within 6 months. And for any amount above Rs 10 lakhs the fund will charge an exit load of 0.25% if redeemed within 3 months.
* IL&FS Mutual Fund has launched a Gilt Fund. It will open for initial subscription from January 14 to January 21, 2002. There is no entry/exit load at the time of initial offer. The fund offers a choice of two plans: Short-term Plan and Long-term Plan. Each plan will offer both Growth and Dividend Options. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter for both the plans.
IL&FS Bond Fund has introduced an additional plan - Short-term Plan. It's IPO will open on January 14, 2002 and closes on January 21, 2002. It offers Growth and Dividend Reinvestment Option. The minimum subscription in the Plan is Rs 5,000 and in multiples of Re. 1 thereafter, for new investors.
Additional purchases of units by existing unit-holders of Bond Fund can be made for any amount in multiples of Re 1, subject to a minimum of Rs 1,000. There is no entry/exit load at the time of initial offer.
However, on ongoing basis the fund would charge an exit load of 0.5 per cent for redemptions less than or equal to Rs.10 lakhs, if redeemed within 90 days.
* Alliance Capital has launched a new MIP, Alliance Monthly Income - Debt. The new fund will be fully invested in bonds. The fund was open for subscription from January 7 to January 11, 2002. Minimum investment is of Rs 5,000. Entry into the fund is on a no-load basis but the fund charges an exit load of 1 per cent if redeemed within 1 year. The fund offers three options - Growth, Monthly and Quarterly Dividend.
