SBI MF raises Rs2,500 crore from infrastructure fund

Our Banking bureau
22 June 2007

"We have received six lakh applications totalling Rs2,500 crore," he said on the sidelines of a national seminar on integrated risk management organised by the SMT group.

SBI Infrastructure Fund, a three-year close-ended, growth-oriented scheme would reopen for repurchases from July 2010.

SBI MF, which has asset under management to the tune of Rs16,500 crore, was also planning for new schemes like gold traded exchange fund (ETF) and on-shore fund for overseas investment.

"We are looking at gold ETF with some benefits other than what existing funds are offering to draw interest of investors," Shahabuddin said.

Speaking on funds for overseas investment, he said that details are yet to be worked out.

SBI MF was the first bank-sponsored fund to launch an offshore fund -- Resurgent Indian Opportunity Fund - but it did not draw impressive response.