SBI MF launches Floating Rate Plan

The SBI Mutual Fund has launched the Floating Rate Plan (FRP) with its Magnum Income Fund and has said it hopes to raise Rs 500 crore during the Initial Public Offer (IPO) period. The FRP will invest in floating rate debt securities, fixed rate securities, derivative instruments as well as money market instruments. The plan will be open for initial issue for ten days beginning July 5 and will reopen for continuous sale and purchase on an ongoing basis from July 19.

The FRP Short-term Plan (STP) will have two options for investment - Dividend Option and Growth Options. The Long-term Plan (LTP) will have Regular as well as Institutional Plan and both would have options of Dividend and Growth.
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Three new LIC schemes await IRDA approval
Rajahmundry: The Life Insurance Corporation of India has plans to introduce three new policies, that is, for high net-worth individuals, for children and a unit-linked pension plan.
It says that it is waiting for IRDA approval.
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