HDFC MF IPO for short-term plan

By Our Banking Bureau | 19 Feb 2002

1
Mumbai: In its endeavour to provide investors a greater choice in debt funds, HDFC Mutual Fund has launched an initial public offer (IPO) of HDFC Short Term Plan (HDFC STP) on 18 February 2002.

HDFC Short Term Plan, an open-ended income scheme, is slotted as an ideal option for investors between HDFC Liquid Fund and HDFC Income Fund. The scheme is suitable for investors looking for a short- to medium-term investment horizon 15 to 90 days.

HDFC STP is a 100-per cent debt fund, which provides high liquidity and aims to generate a regular income through investment in debt securities (60 per cent) and money market instruments (40 per cent). The IPO for the scheme has opened on 18 February and will close on 25 February 2002. The offer price for the IPO is Rs 10 per unit.

The minimum application amount for HDFC STP is Rs 3,000 per application and in multiples of Rs 1,000 thereof under each plan. HDFC STP offers both growth and dividend reinvestment plan with a monthly dividend declaration under the dividend reinvestment option (subject to availability of distributable profits and approval of the trustee). The initial issue expenses will be borne by AMC and an exit load of 0.25 per cent is payable on redemptions/switch within 15 days from the date of allotment.

 

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