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First India Launches Its Maiden Open-end Equity Fund

First India Mutual Fund has extended its family with the launch of its first open-end equity fund christened First India Growth Fund. The AMC currently manages four funds (1 closed-end Tax Planning fund and 3 open-end debt funds) with a small asset base of Rs 35.67 crore.

The fund's initial offer is open for subscription from July 22 to August 12, 2002. During this period, entry into and exit from the fund is on a no-load basis. However, for on-going basis, the fund would charge an entry load of 2%.

The investment objective of the fund is to achieve capital appreciation by investing 80-100 per cent in equities and the balance in money market instruments. The fund offers two options - Growth and Dividend plans. The minimum application amount is Rs 3,000 and in multiples of Rs 1,000 thereon.

Investors can also opt for SIP (Systematic Investment Plan). If you want to invest on a monthly basis, it requires 6 post-dated cheques for a minimum of Rs 500. And if you opt to invest every quarter, 4 post-dated cheque for a minimum of Rs 750 is required.