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Four new MF equity schemes raise over Rs 100 crore
Mumbai, Sept 14: The four new equity schemes of three mutual funds, including BoB MF and IL&FS MF, have raised over Rs 100 crore through initial public offering (IPO) in the first fortnight of this month.
Mumbai, Sept 14: The four new equity schemes of three mutual funds, including BoB MF and IL&FS MF, have raised over Rs 100 crore through initial public offering (IPO) in the first fortnight of this month.
"The response for bob-balance and bob growth funds from high net worth individuals and retail investors has been healthy and we have raised about Rs 62 crore," BoB MF (head) marketing P Sudhakar said here today.
The schemes, floated by BoB Asset Management Company Ltd, closed last week and surpassed the target of RS 50 crore set for initial offering of two schemes, Sudhakar said.
BoB AMC's assets under the management (AUM) as on August 31, 2003 stood at rs 238 crore while it has set a target to grow the corpus to Rs 1,000 crore by March 31, 2004. IL&FS Asset Management Company raised about Rs 33 crore under a dynamic equity fund with strong retail participation, its head (equity funds) Suhas Naik said. The subscription for scheme closed on September 10, 2003.
The scheme could invest upto 100 per cent of corpus in shares and when equity markets are overheated. The MF would divest stake in some stocks and park funds in debt including money market instruments to generate capital appreciation.
IL&FS AMC's assets under the management as on august 31, 2003 stood at Rs 2,279 crore. The CanBank MF also raised about Rs 10 crore under equity diversified plan which closed on September 12, 2003, its managing director N R Ramanujan said.
CanBank MF currently has Rs 1,589 crore under its management. Bureau Report
The schemes, floated by BoB Asset Management Company Ltd, closed last week and surpassed the target of RS 50 crore set for initial offering of two schemes, Sudhakar said.
BoB AMC's assets under the management (AUM) as on August 31, 2003 stood at rs 238 crore while it has set a target to grow the corpus to Rs 1,000 crore by March 31, 2004. IL&FS Asset Management Company raised about Rs 33 crore under a dynamic equity fund with strong retail participation, its head (equity funds) Suhas Naik said. The subscription for scheme closed on September 10, 2003.
The scheme could invest upto 100 per cent of corpus in shares and when equity markets are overheated. The MF would divest stake in some stocks and park funds in debt including money market instruments to generate capital appreciation.
IL&FS AMC's assets under the management as on august 31, 2003 stood at Rs 2,279 crore. The CanBank MF also raised about Rs 10 crore under equity diversified plan which closed on September 12, 2003, its managing director N R Ramanujan said.
CanBank MF currently has Rs 1,589 crore under its management. Bureau Report