Mumbai:
In its endeavour to provide investors a greater choice
in debt funds, HDFC Mutual Fund has launched an initial
public offer (IPO) of HDFC Short Term Plan (HDFC STP)
on 18 February 2002.
HDFC Short Term Plan, an open-ended income scheme, is
slotted as an ideal option for investors between HDFC
Liquid Fund and HDFC Income Fund. The scheme is suitable
for investors looking for a short- to medium-term investment
horizon 15 to 90 days.
HDFC STP is a 100-per cent debt fund, which provides high
liquidity and aims to generate a regular income through
investment in debt securities (60 per cent) and money
market instruments (40 per cent). The IPO for the scheme
has opened on 18 February and will close on 25 February
2002. The offer price for the IPO is Rs 10 per unit.
The
minimum application amount for HDFC STP is Rs 3,000 per
application and in multiples of Rs 1,000 thereof under
each plan. HDFC STP offers both growth and dividend reinvestment
plan with a monthly dividend declaration under the dividend
reinvestment option (subject to availability of distributable
profits and approval of the trustee). The initial issue
expenses will be borne by AMC and an exit load of 0.25
per cent is payable on redemptions/switch within 15 days
from the date of allotment.
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