HDFC MF MIP now open for subscription on an ongoing basis

Mumbai: HDFC Mutual Fund, one of the largest private sector mutual funds in India, has announced that its recently launched HDFC MF Monthly Income Plan (MIP) is opening for regular subscription, on an on-going basis, from 29 December 2003.

Units will be available for purchase, redemption and switches at net-asset value (NAV)-based prices. The initial public offering (IPO) of HDFC MF MIP opened on 17 November 2003 and closed on 8 December 2003. During the IPO, HDFC MF MIP mobilised around Rs 920 crore, making it one of the largest mobilisation in the history of the private sector MF scheme. The fund received around 72,000 applications from investors across the country.

The opening NAV of the scheme for the growth option and the monthly / quarterly dividend option under the short-term plan is Rs 10.1345 per unit as on 27 December 2003. The opening NAV of the scheme for the growth option and the monthly / quarterly dividend option under the long-term plan is Rs 10.1577 per unit as on 27 December 2003.

The objective of HDFC MF MIP, an open-ended income scheme, is to generate regular returns by investing primarily in debt and money market instruments. The scheme will also invest a small portion of the net assets in equities, as equities generally generate better returns than other instruments over a long period of time.