IDFC MF has commenced two new funds named as IDFC Fixed Maturity Plan - Quarterly Series 59 and IDFC Fixed Maturity Plan Yearly Series 32, close ended income schemes.
The new fund offer price for the schemes is Rs 10 per unit and its open and close subscription on 26 July 2010.
The investment purpose of the schemes is to produce income by investing in a portfolio of debt and money market instruments maturing on or before the maturity of the scheme.
The schemes offer two options namely growth and dividend option.
The schemes will allocate up to 100% of assets in debt and money market instruments with low to medium risk profile. Investment in securitized debt would be up to 50% of net assets of the plan(s).
The minimum application amount is Rs 10,000 and in multiples of Rs 10.
The fund seeks to collect a minimum subscription amount of Rs 10 mn under each scheme during the NFO period.
Entry load and exit load charge will be nil for the schemes.Benchmark Index for the schemes is CRISIL Composite Bond Fund Index.
The schemes will be directed by Anupam Joshi.
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