In order to make the most of the available opportunity of tax-free dividends upto March 31, 2002, IL&FS Mutual Fund has introduced an Annual Dividend Plan in its Bond Fund. The record date for the first dividend is March 22, 2002.
The plan is carved out of the Growth Plan of the IL&FS Bond Fund. Thus the NAV of the plan will begin at the same level as that of the Growth Plan. The existing investors of IL&FS Bond Fund - Growth Plan can transfer their holdings partly or fully to the new Plan between March 11 and March 14, 2002 at the applicable NAV. Such transfers will not attract any entry or exit load.
The Plan will be open for subscription for new investors from March 18, 2002. Entry into the fund is on a no-load basis but an exit load of 0.50 per cent will be charged for redemption amount Rs.10 lakhs (inclusive), if redeemed within 90 days (for investors entering the plan on or after March 18, 2002).
For existing investor the minimum application amount is Rs. 5,000 and in multiples of Re.1 thereafter and for new investor it is Rs.1,000 and in multiples of Re.1 thereof.