Tata Mutual Fund has launched Tata Floating Rate Fund. The initial issue period for the scheme closes on December 22, 2003 and the scheme re-opens for continuous sales and repurchase on December 29, 2003. The fund is available under two options – Short Term and Long Term. Under each option there are two plans, Dividend and Growth. The minimum investment for both the options is Rs. 10,000 and there is no entry and exit load for either option.
Tata Floating Rate Fund will aim to create a portfolio that would be substantially invested in quality floating rate debt and money market instruments, fixed rate debt and money market instruments swapped for floating rate returns and fixed rate debt and money market instruments.