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  • 08

    Jul
    2019

    LIC MF Overnight Fund, Floats On

    LIC Mutual Fund has launched a new fund named LIC MF Overnight Fund, an open ended debt scheme investing in overnight securities. The face value of the new issue will be Rs 10 per unit. The new issue will be open for subscription from 15 July 2019 to 15 July 2019.

    The primary investment objective of the scheme is to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity/residual maturity of 1 business day.

    The scheme offers two options viz. growth and dividend, dividend option. The dividend option has the following facilities: Dividend Re-investment facility (available for daily, weekly and periodic frequency) and Dividend Pay-out facility (available for Periodic frequency).

    The scheme would invest upto 100% of assets in overnight securities or debt instruments maturing on or before the next business day with low risk profile.

    Minimum application amount is Rs 5000/- and in multiples of Rs. 1/- thereafter.

    Minimum additional purchase amount is Rs 500/- and in multiple of Rs. 1/- thereafter.

    The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

    Entry load and exit load charge will be nil for the scheme.

    Benchmark Index for the scheme is Nifty 1D Rate Index.

    The fund manager of the scheme is Rahul Singh.

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