SBI MF mops Rs2,500 cr from infra fund

SBI MF mops Rs2,500 cr from infra fund
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First Published: Fri, Jun 22 2007. 05 53 PM IST
Updated: Fri, Jun 22 2007. 05 53 PM IST
PTI
Kolkata: The new fund offer of SBI Mutual Funds, SBI Infrastructure Fund — Series I, has drawn a huge response from investors, mopping up Rs2,500 crore.
“We have received 600,00 applications totalling Rs2,500 crore,” Syed Shahabuddin, managing director & CEO of SBI Funds Management, the asset management company for SBI MF, said here on 22 June, on the sidelines of a national seminar on integrated risk management organised by SMT group.
SBI Infrastructure Fund, a three-year close-ended, growth-oriented scheme would reopen for continuous repurchases from July 2010.
SBI MF, which has asset under management to the tune of Rs 16,500 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.
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First Published: Fri, Jun 22 2007. 05 53 PM IST