Lotus India mutual fund has launched Lotus India Fixed Maturity Plans-3 Month- Series XXXV on 23 July 2008. The new issue will be closed on 24 July 2008. The NFO price for the fund is Rs 10 per unit. The minimum investment amount is Rs 5,000 and in multiples of Re 1 thereafter.
This scheme is a close-ended debt scheme. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme. The scheme will be having 90 days maturity. The Fund seeks to garner Rs 1 crore under its NFO period.
The scheme will be having growth and dividend reinvestment option.
The scheme will invest up to 85% money market instruments including reverse repo, up to 50% in government Securities issued by the Central Government or State Government. The scheme will also invest 15-100% in debt instruments such as bonds and debentures. And up to 50% in securitised debt. Investment in fixed income derivatives-up to 50% of the net asset of the scheme. The scheme does not intend to invest in foreign securitised debt.
There will no entry load charged for the scheme due to its close-ended structure.
The scheme charges an exit load of 1%, if the investment is redeemed before the maturity date. There will be no exit load charged if the investment is redeemed on maturity.
The scheme will be benchmarked over CRISIL Liquid Fund Index. The Fund Manager of the Scheme is Umesh Sharma.
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