Birla Sun Life Mutual Fund is set to launch the Birla India GenNext Fund. The IPO of the equity fund will begin on June 14, 2005, and continue till July 12, 2005.
Benchmarked against S&P CNX Nifty, the fund will invest in stocks of companies that are expected to benefit from the rising consumption patterns in India, which in turn is getting fuelled by high disposable incomes of the young generation. This means that the fund will target companies that derive substantial portion of their revenues (at least 50 per cent) by selling products and services directly to the consumers, rather than the intermediaries. Also, the eligible companies for the fund should preferably have products/services with distinct brand identity.
The fund will invest 80-100 per cent of its assets in equity and equity related instruments, while up to 20 per cent of the assets can be put in the money market instruments. The scheme offers growth, dividend payout and dividend re-investment plans, and the minimum application amount is Rs 5,000. The scheme will charge an entry load of 2.25 per cent for investments of less than Rs 5 crore, while no entry load will be charged for investments equal to or greater than Rs 5 crore. An exit load of 1 per cent will be levied in case of redemption within six months from the date of allotment.
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