Suspension revoked on fresh salesTata Mutual fund has decided to revoke the suspension on fresh sale of units of Tata Income Fund from March, 1998. Fresh units will now be available on a no load basis. The fund is available in two flavours, regular income and cumulative plans.
The fund had declared a 7 per cent income in the income plan in October. The latest (February 18, 1998) NAV of the income plan is Rs 10.66 and that of the growth plan is Rs 11.31. The fund has also decided not to assure returns from April 1998.
Tata Income fund was floated in April, 1997 as an assured return scheme offering 15 per cent return for the first year. The fund managed to collect around Rs 69.73 crore during the initial offer. Following the interest rates crash, sale of fresh sale of units was suspended in October, 1997.
Demat scheme from GICMF
GIC Mutual fund is planning to launch GIC Demat Scheme '98 in March. The scheme will give an opportunity to investors to bring in shares held by them (includingodd lots) in physical form and exchange them for units of the scheme. The mutual fund will later dematerialise these holdings. The fund initially plans to mobilise around Rs 25 crore.
The fund will be open for fresh sale and repurchase six months from the closure of the issue. GIC Mutual fund also plans to launch an open-end income fund in March. Besides, GIC Growth Plus (II) will be converted into open-end fund from 18 March, 1998. GIC Mutual fund has received the approval of the unit holders of Growth Plus (II) for this purpose.
Premium Plus tenure extended PNB Mutual Fund has decided to extend the tenure of its growth scheme, PNB Premium Plus by a two-year period. Redemption of the scheme is now scheduled for January 2000. The original terms of the scheme allowed trustees the leeway to redeem at any time between the 6th and 8th year after launch and the fund has made use of this option to extend the scheme's tenure.
The fund currently allows repurchase of 1500 units per folio at the promisedrepurchase price of Rs 10. The latest NAV of the scheme is Rs 7.62.
No sales load on KP Bluechip
Kothari Pioneer will not charge any entry load on purchase of units of its growth scheme, Bluechip between March 1 and April 30, 1998. Also, such units will not attract any exit load if held for more than one year.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
