Kotak Mahindra Mutual Fund has launched the Kotak Floater Long Term scheme. The initial public offering period is between August 2 to 6. The scheme would invest between 65-100 per cent of the AUM of the fund in floating rate debt securities and money market instruments and debt securities with outstanding maturity up to 182 days. The remaining assets would be invested in fixed-rate debt securities.
While investing in the scheme would entail no entry load, an exit load of 0.5 per cent would be charged in case investments less than Rs 10 lakh are redeemed within six months from the date of purchase. The minimum initial investment for the scheme is Rs 5,000 and subsequent investments would have to be in multiples of Rs 1,000.
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