Mumbai: Reliance Mutual Fund has collected over Rs 147 crore through the ''Reliance Pharma Fund'' IPO, 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 witnessed very good investor participation with over 24,000 applications coming in from across the country. With the Reliance Pharma Fund IPO participation, the Reliance Mutual Fund investor base has crossed 2,25,000.
The Initial Offer of ''Reliance Pharma Fund'' opened on 10th May and closed on 26th May 2004. The minimum application amount was Rs 10,000/- for resident and non-resident investors.
The Reliance Pharma Fund can invest upto 100% 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% in extreme cases of bearish equity market. Reliance Pharma Fund offers both Dividend & Growth Plans. The Dividend Plan further offers Dividend Pay-out and Reinvestment Option & Growth Plan offers a Bonus Option and Growth Option.
Reliance Pharma Fund is managed by Reliance Capital Asset Management Limited (RCAM). RCAM is one of the fastest growing Asset Management companies in India with Asset Under Management of over Rs. 10,806 crore as on May 31, 2004.
RCAM is sponsored by Reliance Capital Ltd, which is part of the Rs. 99,000 crore Reliance Group. Reliance Mutual Fund has been ranked, as the 3rd most trusted Mutual Fund Brand in India for the year 2003. This was through a survey conducted by AC Nielsen ORG-MARG for The Economic Times.