LICMF debuts in gilts, Canbank plans conversion - Views on News from Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

LICMF debuts in gilts, Canbank plans conversion

Nov 16, 1999

LIC Mutual Fund (MF) announced plans to launch a gilt fund. Meanwhile, Canbank plans to convert two of its closed-ended schemes into open-ended schemes. This was reported by a leading financial daily. LICMF's gilt fund, (maiden gilt offering) will remain open for subscription from November 15 to November 29 1999. It will reopen for purchase on December 10, 1999 at net asset value (NAV). The scheme will not have any entry/exit load. It will have two options - dividend and growth.

The gilt scheme will be ideal for investors (institutional and retail) with a risk-averse mentality. LICMF is confident of mobilising Rs 5 bn by end of FY2000.

LICMF plans to convert the Dhan Tax Saver 1997 into an open-ended scheme. It will be re-christened as LICMF Tax Plan. LICMF also plans to merge all its existing schemes launched as equity linked savings schemes (ELSS) into LICMF Tax Plan. In addition to Dhan Tax Saver 1997, there are three other such scheem ehhc have been launched after 1992 viz. LIC Dhan 88 (1), Dhan Tax Saver 95 and Dhan Tax Saver 96. Investors who wish to continue in the newly merged scheme will be allowed to roll over at NAV.

In an unrelated move, Canbank MF has also converted two of its closed-ended schemes, Canstock (Rs 85.3 m corpus) and Candouble (Rs 158.8 m), into open-ended ones.

The two schemes will have an investment objective of high-risk high-returns and will be investing mainly in fast growing sectors like infotech (IT) and telecom.

Equitymaster requests your view! Post a comment on "LICMF debuts in gilts, Canbank plans conversion". Click here!

  

More Views on News

Sorry! There are no related views on news for this company/sector.

Most Popular

My Recent Recommendation Will Profit from the Global Supply Chain Crisis (Profit Hunter)

Mar 31, 2021

A tiny chemical company, started in the Licence Raj era, is a great example of a new wealth creating opportunity.

My Stock Trading Strategy (Fast Profits Daily)

Mar 31, 2021

In this video I'll show you exactly how I go about picking stocks for trading.

4 Stocks to Make Your Portfolio Immune to the Second Covid Wave (Profit Hunter)

Apr 6, 2021

Rather than predicting the market, successful investing is more about preparing well and placing your bets accordingly.

If the Market Falls, I Will Do This... (Fast Profits Daily)

Apr 1, 2021

What should you do if the market falls? In this video, I'll tell you what I will do.

India: Recovery Stalled by Vaccine Games? (The Honest Truth)

Apr 13, 2021

Ajit Dayal on how India's vaccine strategy will impact the markets.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

MARKET STATS