IL&FS Mutual Fund is launching two new schemes: IL&FS Dynamic Equity Fund and IL&FS Floating Rate and. The Dynamic Equity fund would be open for initial subscription from August 27 to September 10, 2003 and would open for ongoing subscription from September 15, 2003. The IPO for the Floating Rate Fund would be open from August 27 to August 29, 2003. It would open for ongoing subscription on September 01, 2003.
The minimum investment under both the funds is Rs 5000, while the minimum account balance and minimum redemption amount is Rs 1000. Both the funds offer Dividend and Growth Plans. IL&FS Dynamic Fund would charge an entry load of 2 per cent for all investments less than Rs 25 lakhs and 0.50 per cent for all investments of Rs 25 lakhs and above, but no exit load. IL&FS Floating Rate would be a no load fund.