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Tata Dividend Yield Fund IPO collects Rs 417 crore

Tata Mutual Fund has collected Rs 417 crore in the initial public offer of Tata Dividend Yield Fund, making it one of the largest equity fund IPOs by any fund house in recent times. Tata Dividend Yield Fund is an open-ended equity scheme, which aims to invest at least 70 per cent of its net assets in shares with dividend yields higher than that of BSE Sensex at the time of investment. The initial issue period for the scheme was from September 28 to October 27, 2004.