Kotak Mahindra Mutual Fund has extended the closing date of the NFO (New Fund Offer) period of Kotak FMP Series 238 scheme by one day till August 02, 2018, announced the fund house.
Kotak Mahindra MF has recently launched a close ended debt scheme called Kotak FMP Series 238 with its NFO open for subscription from July 30, 2018, to August 01, 2018.
The fund house has announced on July 28, 2018, that the NFO closing date has been extended till August 02, 2018, according to KJMC.
The main investment aims of the Kotak FMP Series 238 scheme is to produce returns by making investments in debt instruments and money market securities, with decreased interest rate risk.
The close-ended debt scheme will invest in debt securities and money market instruments, maturing on or before the maturity date. The maturity period of the Kotak Mahindra Mutual Fund is 220 days from the date of allocation.
The Kotak FMP Series 238 scheme will invest up to 100 percent of its assets in debt securities and money market securities including government instruments with low to medium risk profile. The scheme will invest up to 50 percent of its net assets in derivatives.
The NFO price for the Kotak FMP Series 238 scheme is 10 Rupees per unit. The minimum application amount for the scheme is 5000 Rupees and in multiples of 10 Rupees for purchase and switch-ins. There are no entry load and exit load charges for the scheme.
The new close ended debt scheme aims to collect a minimum target of 20 crore Rupees under the scheme.
The Kotak FMP Series 238 scheme offers Regular and Direct Plans with Growth and Dividend Payout Options, and the performance of the scheme will be benchmarked against CRISIL Ultra Short Term Debt Index.
The Fund Manager of this Kotak Mahindra Mutual Fund scheme is Mr. Deepak Agarwal, reported MUTUAL FUND Live. Mr. Agarwal joined Kotak Mahindra AMC in December 2002 and has been the Fund Manager of the firm in November 2006, according to Bloomberg.
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