Tata Mutual Fund has launched a new close ended debt scheme, named Tata Fixed Maturity Plan - Series 27. The duration of the scheme is 366 days from the date of allotment and it is open for subscription from today until 14 September. The price is Rs.10 per unit.
The fund will invest in a range of debt and money market instruments that have maturity in line with the maturity of the scheme. The scheme offers a growth option, quarterly dividend option-payout and periodic dividend option-payout.
Not more than 25 per cent of the net assets of the scheme shall be deployed in securities lending. The scheme would limit its exposure, with regards to securities lending, for a single intermediary, to the extent of five per cent of the total net assets of the scheme at the time of lending.
The minimum application amount is Rs. 10,000 and the fund aims to collect a minimum subscription amount of Rs. 10 crore.
