labels: investment - general, mutual funds
Templeton''s ''smaller companies fund'' nets Rs1,200 crorenews
20 December 2005

Mumbai: Franklin Templeton Investments (India) has collected over Rs1,200 crore during the new fund offering (NFO) of its new equity fund - Franklin India Smaller Companies Fund (FISCF), which closed on December 14, 2005. A 5-year closed-end fund that seeks to provide long-term capital appreciation by investing in mid and small cap stocks, the FISCF had had investor participation from 147,000 investors across the country.

This is the largest fund mobilisation by a closed-end diversified equity fund in the private sector in India.

"The fact that a closed end fund attracted so many investors reflects the growing recognition of the long term potential of equities given the strong fundamentals on the economic and corporate fronts," says Sandeep Singh, senior VP and national sales head. "Around 147,000 applications from over 150 locations in the country is a testimony to mutual funds becoming a savings vehicle of choice for the Indian investors. We believe that such a product is ideal for investors looking to reap the 'complete benefits' of the potential rapid growth of smaller companies," he added.

Franklin Templeton is one of the largest mutual funds in the country with over Rs16,687 crore of assets under management and an investor base of over 11,00,000 as of November 30, 2005, who have invested in its 33 mutual funds.

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Templeton''s ''smaller companies fund'' nets Rs1,200 crore