IDFC MF aims to mop up Rs 500 crore from new fund offer

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IDFC Mutual Fund will launch an open-ended income scheme, IDFC Credit Opportunities Fund on February 14.

The new fund offer of the scheme will remain open until February 27.

The fund house aims to garner Rs 500 crore from the new fund offer.

The scheme can deploy its entire corpus in debt papers including government securities across maturities, while it also has the provision to invest 100 percent in money-market instruments.

At a press meet to announce the launch of this scheme, Vishal Kapoor, Chief Executive Officer, IDFC Mutual Fund said, “To manage the credit risk the fund has put in place a strong and rigorous process to evaluate credit risk and monitor the same on a continuous basis.”

“Detailed due diligence on fundamental parameters i.e.  promoter quality, business risk and financial risk will be performed on all issuers,” he added. As on January-end, the average assets under management of IDFC Mutual Fund stood at Rs 61,239 crore.

Benchmark index: 80 percent CRISIL AA Medium Term Bond Index + 20 percent CRISIL AAA Short Term Bond Index