Birla Mutual has launched a new equity fund - Birla Dividend Yield Plus. The scheme would invest primarily in companies that have a relatively high dividend yield. The fund has defined dividend yield as high if it is in excess of twice the dividend yield of BSE Sensitive Index.
The fund will have both dividend and growth plans. The initial issue expenses would be borne by the AMC. The scheme has no entry load, but will charge an exit load of 2 per cent if redeemed within an year. Minimum Investment in the fund is Rs. 5000 and in multiples of Rs. 1000 thereafter. The fund would be open for initial offer from January 23 to February 7, 2003.