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ING Mutual launches new bond scheme

ING Mutual launches new bond scheme
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First Published: Wed, Aug 29 2007. 05 26 PM IST
Updated: Wed, Aug 29 2007. 05 26 PM IST
PTI
Mumbai: ING Mutual Fund on 29 August announced a closed-end bond scheme, ING Fixed Maturity Fund Series XXXII, whose new fund offer (NFO) is open between 30 August and 10 September.
The allotment date has been fixed on 1 September and investors will have three options — dividend, bonus and growth — a release from the fund house said here.
The minimum application amount under the retail plan is Rs5,000 and in multiples of Re1 thereafter.
The scheme offers an investment plan of 368 days maturity, investing in a portfolio of government securities or highly-rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity.
The scheme will invest in-debt securities with maturity coinciding closely with that of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity, it said.
Nearing the maturity of the scheme, the fund may invest 100% of the portfolio in debt and money-market instruments to protect the interest of the investors.
It is benchmarked against the Crisil Liquid Fund Index.
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First Published: Wed, Aug 29 2007. 05 26 PM IST