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Mirae Asset Overnight Fund Floats On
(07 Oct 2019, 11:34)
Mirae Asset Mutual Fund has launched a new fund named as Mirae Asset Overnight Fund, an open ended debt scheme investing in overnight securities. The New Fund Offer (NFO) price for the scheme is Rs 1000 per unit. The new issue will be open for subscription from 15 October 2019 to 15 October 2019.

The investment objective of the scheme is to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.

The Scheme will have Regular Plan and Direct Plan Each of the above Regular and Direct Plan under the scheme will have the following Options/Sub-options: (1) Growth Option and (2) Dividend Option. The Dividend Option shall have only Dividend Reinvestment and Payout option. Dividend Reinvestment facility: Daily Dividend Reinvestment, Weekly Dividend Reinvestment & Monthly Dividend Reinvestment and Dividend Payout Facility: Monthly Dividend Payout.

The scheme would allocate upto 100% of assets in Overnight securities or Debt Securities and Money Market Instruments (including MIBOR Linked instruments with daily call and put options) with low risk profile.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The minimum additional application amount is Rs 1000 and in multiples of Re. 1 thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

Entry load: Not Available

Exit Load: Nil

Benchmark Index for the scheme is CRISIL Overnight Index.

The fund manager for the scheme is Mahendra Kumar Jajoo.

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