ING Vysya Mutual Fund is all set to launch a mid-cap fund. An open-ended fund, named as ING Vysya Midcap Fund, seeks to provide long-term capital growth by investing primarily in mid-cap stocks. It would invest at least 65 per cent of the corpus in stocks with a market capitalisation between Rs 100 and Rs 2,000 crore. The fund would be benchmarked against CNX Midcap 200 Index.
ING Vysya Midcap Fund's IPO opens on April 19, 2005, and would continue till May 9, 2005.
The minimum investment has been fixed at Rs 2,000. The fund would charge an entry load of 2.25 per cent on all investments below Rs 1 crore and none above that. However, there won't be any entry load during the IPO period. In case the investor redeems within 180 days from the date of investment/allotment, a CDSC of 1 per cent would be applicable on all investments below Rs 1 crore.
In the past few months, mid-cap fund IPOs have flooded the Indian mutual fund industry. Some of the prominent fund launches include Kotak Midcap, Magnum Midcap, Sahara Midcap, Chola Midcap, Sundaram SMILE and Canemerging Equities. At present, the HSBC Midcap Equity Fund's IPO is also underway.
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