Taurus Mutual Fund has taken over the two schemes of Bank of India (BOI) Mutual - Boinanza Equity Linked Saving on Tax Scheme 1993 (BoI Best) & Boinanza Exclusive, with effect from March 25, 2002. These schemes have been renamed as Bonanza Equity Linked Saving on Tax Scheme 1993 (Bonanza ELSS) and Bonanza Exclusive Growth respectively.
BoI Best is a 10-year closed-end equity linked tax saving fund. It was launched in March 1993 and is due for redemption in March 31, 2003. It's current NAV stands at 5.88, as on March 20, 2002 under the growth option.
Boinanza Exclusive Growth was launched as a close-ended scheme in February 1995 and was converted into an open-end scheme in April 1999.
Prior to its takeover by Taurus Mutual, BoI Mutual Fund managed 3 funds with a total asset base of Rs 24.67 crore, as on September 30, 2001. Apart from the above two schemes, it also manages a closed-end tax-planning fund - Boinanza 80CCB. It is due for redemption this month.
Taurus Mutual Fund has total assets of Rs 69.70 crore, as on February 28, 2002. It currently manages 4 open-end equity funds and 2 open-end debt funds. With the take over of above two schemes of BoI Mutual, Taurus Mutual's assets under management will increase by Rs 15.31 crore.