Two plans under open-ended fund
NFO to close
on June 23
MUMBAI: Reliance Mutual Fund, part of the Reliance Anil Dhirubhai Ambani group, on Wednesday launched Reliance Infrastructure Fund.The open-ended equity fund will invest significantly in equity and equity-related instruments of companies engaged in infrastructure and infrastructure-related sectors such as transport, banks and financial institutions, energy, power and oil, metals and minerals, telecom and urban infrastructure.
“Undoubtedly, infrastructure is a key priority for India and we also hope a spurt of infrastructure spending in the economy on the back of the stable government and ease of project financing. Moreover, the valuation looks more attractive and the environment being stable with the new government settling in,”said Reliance Mutual Fund CEO Sundeep Sikka here.
“The right time is now to invest in infrastructure and infrastructure-related firms, a sector which is likely to get a boost from the new government,” he added.The new fund offers two plans — Retail and Institutional. The minimum investment in the fund would be Rs. 5,000 and in multiples of Re. 1 thereafter for the Retail Plan and Rs. 5 crore and in multiples of Re 1 thereafter for the Institutional Plan.
Each Plan has the following schemes — Growth Plan (growth option and bonus option) and Dividend Plan (dividend payout option and dividend reinvestment option).
Reliance Infrastructure Fund will invest at least 65 per cent of its assets in engineering, cement and power stocks as well as banks, whereas the balance will be invested in debt and money markets.
The scheme would provide investors opportunity to buy or sell units on an ongoing basis from not later than 30 days after the close of the New Fund Offer (NFO) on June 23.