MUMBAI, April 29: The Bank of Baroda Mutual Fund plans to launch an open-ended income scheme in the next two to three months. The scheme will not provide assured returns. The mutual fund arm of BoB also plans to mobilise around Rs 50 crore in the financial year 1998-99. This would lead to a 78.49 per cent rise in its corpus from Rs 63.70 crore to Rs 113.70 crore."We plan to garner around Rs 50 crore during the initial subscription in the income scheme. This will help us have a complete stable of funds, i.e., one debt scheme apart from the three ELSS schemes and one growth scheme that we already have," says managing director of BOB AMC VH Bhatia.
The BOB ELSS '95, a close-ended tax benefit-cum-growth scheme with a tenure of 10 years currently has Rs 37.84 crore under its management. BOB ELSS '96, another close-ended tax benefit-cum-growth scheme, currently has a corpus of Rs 20.81 crore. This scheme also has a tenure of 10 years. The BOB Growth scheme launched in '95, a close-ended scheme has a corpus ofRs 3.46 crore under management. While the BOB ELSS '97 has a corpus of Rs 1.60 crore.
The BOB ELSS (launched in 1995) has opened for repurchase giving an annualised return 8.69 per cent for fiscal 1997-98. This scheme had an NAV of Rs 7.83 in March last year compared with Rs 8.50 in March 1998. BOB Growth'95 has seen an appreciation in NAV from Rs 9.51 last fiscal to Rs 10.65 this year, giving an annualised return of 11.99 per cent. The BOB ELSS '96 has given an annualised return of 18.01 per cent with an appreciation in NAV from Rs 10.05 last fiscal to Rs 11.85 this fiscal. BOB ELSS '97 (launched last year) has given an annualised return of 6.70 per cent with an appreciation in NAV from Rs 10 last fiscal to Rs 10.67 this fiscal.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
