Financial Daily from THE HINDU group of publications
Thursday, Dec 11, 2003
Financial Daily from THE HINDU group of publications Thursday, Dec 11, 2003 |
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Markets
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Mutual Funds Reliance MF launches monthly income plan Our Bureau
Mumbai , Dec. 10 RELIANCE Capital Mutual Fund has launched a monthly income plan that promises to produce better returns than a pure debt plan by investing up to 20 per cent of the fund in equity. The initial offer for the Reliance MIP is open from December 10 to 29. The plan proposes to invest 80 per cent of net assets in debt instruments - corporate paper and Government securities and the remaining 20 per cent in equity.The overall allocation between debt and equity will be undertaken based on the outlook on equity markets and is likely to vary to keep equity exposure to 10-20 per cent of the overall net assets, according to Mr Sandeep Bagla, fund manager . The scheme offers three plans - monthly and quarterly dividend plans and a growth plan. The minimum application amount is Rs 25,000 for the monthly dividend plan and Rs 10,000 for the other two plans.The plans have a 0.5 per cent exit load for units up to Rs 5 lakh, if redeemed within six months .
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