Axis Equity Fund to Float On

Axis Mutual Fund will float a new open ended growth scheme named as Axis Equity Fund. The new issue will be open for subscription on November 11, 2009 and will close on December 8, 2009. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. Post the new fund offer, the scheme re-opens for continuous sale and repurchase on January 7, 2010. The scheme's investment objective is to achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives.

The scheme offers growth and dividend option. Further, the dividend option offers payout and reinvestment facility. The fund would invest 80% to 100% of assets in equity and equity related instruments with high risk profile. On the other hand, it would invest up-to 20% of assets in debt and money market instruments with low to medium risk profile.

The minimum application amount is Rs. 5000 and in multiples of Re. 1 thereafter and Rs. 100 and in multiples of Re.1 thereafter for purchase of additional units. The minimum subscription (target) amount of Rs. 1 crore is expected to be raised during the NFO period.