IDBI Dynamic Bond Fund offers income generation, while maintaining liquidity, on a minimum investment of Rs5,000.
Asset management firm IDBI Mutual Fund’s new fund offer (NFO), IDBI Dynamic Bond Fund, which offers income generation, while maintaining liquidity, on a minimum investment of Rs5,000, opens tomorrow.
The investment objective of the scheme is to invest in portfolio comprising debt instruments such as Government securities, PSUs and corporate bonds and money market instruments.
The open-ended debt scheme will close on 14 February 2012 and has an exit load of 1% if redeemed within a year. The company aims to collect a corpus of at least Rs107 crore from the issue.
CRISIL Composite Bond Fund Index will be the benchmark index for the fund. Gautam Kaul will be the fund manager.
IDBI Mutual Fund, a part of IDBI Bank, commenced operations in March 2010. Its assets base stood at Rs6,102 crore at the end of the December 2011 quarter.
European Union leaders gather for their first summit of 2012 as a deteriorating economy and struggle to complete a Greek debt write-off risk sidetracking efforts to stamp out the financial crisis.