HDFC Mutual Fund has announced the merger of HDFC Focused Large-Cap Fund into HDFC Equity Fund. The type of the scheme has been changed to an open-ended growth scheme. Earlier it was, open-ended equity scheme.
The Fund House has also proposed changes in asset allocation pattern of HDFC Short Term Plan. The minimum asset allocated in debt securities with less than 3 years maturity and money market instruments will be 80 per cent and maximum will be 100 per cent, and for debt securities with less than maturity of 5 years, maximum will be 20 per cent.
The investors can exit from the schemes from May 22, 2014 to June 20, 2014. No exit load will be charged.
The changes will be effective from June 20, 2014.