Birla Mutual Fund is launching an open-ended equity fund - Birla Mid Cap Fund. The scheme would invest 65 to 100% of its investments in mid-cap companies i.e. with market capitalisation between Rs 150 crores and Rs 1500 crores, upto 35% in companies with market capitalisation greater than Rs 1500 crores or below Rs 150 crores and upto 5% in cash, deposits and money market instruments. The scheme at any point of time would invest in atleast 20 companies and atleast 6 sectors with a minimum exposure of 25% to each sector.
The initial offer of the scheme would remain open from September 10 to October 1, 2002. The minimum initial investment in the scheme would be Rs 5000 and in multiples of Rs 1000 thereof. All the initial expenses would be borne by the AMC. On an going basis the fund would not charge any entry load but an exit load of 1% if redeemed within 6 months.
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