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Reliance Pharma Fund IPO collects over Rs 147 crore

Reliance Mutual Fund has collected over Rs 147 crore through the intial offer for Reliance Pharma Fund, an open-ended pharma sector scheme. The Reliance Pharma Fund will be available at NAV based prices from June 8, 2004.

The Reliance Pharma Fund IPO attracted good investor participation with over 24,000 applications coming in from across the country. With this IPO, the Reliance MF investor base has crossed 2,25,000.

The Reliance Pharma Fund can invest upto 100 per cent in Equity & Equity related securities in the Pharma Sector and can also shift its focus to Fixed Income Securities of Pharma Sector & Money Market Instruments upto 100 per cent in extreme cases of bearish equity market. The fund offers both dividend and growth plans. The dividend plan further offers dividend pay-out and reinvestment option while the growth plan offers bonus and growth options.