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First India Mutual Launches Three Funds after Five Years


First India Mutual Fund has launched three funds - Income fund, Liquid Fund and Gilt Fund, after a gap of around five years. The mutual's only fund, First India Taxgain '97, was launched way back in March 1997. The fund's net assets stand at Rs 0.35 crore as on September 28, 2001.

The initial offer for all the three funds will open for subscription from February 06 to February 14, 2002. It will reopen for continuous purchase and redemption from February 22, 2002 onwards. Each fund offers Growth and Dividend options. Dividend reinvestment facility is also available.

First India Income Fund is an open-ended medium-term debt fund. The fund will invest around 80 per cent in debt securities and 20 per cent in money market instruments. Minimum investment if of Rs 3,000 and in multiples of Rs 1,000 thereafter. The fund will charge an initial issue expense of 1 per cent from the investor. On on-going basis, entry into the fund is on a no-load basis but the fund will charge an exit load of 0.50 per cent if redeemed on or before six months.

First India Liquid Fund will invest around 30 per cent in debt securities and the balance in money market instruments. Minimum application amount is of Rs 10,000 and in multiples of Rs 5,000 thereafter. Initial issue expense will be borne by the AMC. The fund would not charge any entry load but an exit load of 0.25 per cent will be charged for redemption made within 5 working days.

First India Gilt Fund is an open-ended fund dedicated to government securities. Minimum investment is of Rs 5,000 and in multiples of Rs 1,000 thereafter. Entry into the fund is on a no-load basis but the fund will charge an exit load of 0.50 per cent if redeemed before 3 months. Initial issue expense will be borne by the AMC.