The Hindu Business Line : Medium term plan IPO — StanChart MF raises Rs 384 cr

STANDARD Chartered Mutual Fund today announced that it has raised Rs 384-crore from the initial public offer (IPO) of its recently launched scheme, Grindlays Super Saver Income Fund — Medium Term Plan.

The IPO of the scheme began on June 16 and closed on June 27. The scheme opens for daily purchases/redemptions from July 9. The minimum investment requirement is Rs 500 with no limit on the maximum.

"The success of this scheme shows that with declining interest rates, customers are now far more inclined to look at new products to enhance returns and debt funds are now coming to the fore," said Mr Naval Bir Kumar, Managing Director, Standard Chartered Asset Management Company, at a press conference held here today.

According to Mr Kumar, of the Rs 384-crore garnered during the IPO, 50 to 60 per cent came from institutional investors and the balance from retail. Talking about the Fund's efforts to increase retail investor base, Mr Kumar said that the Fund, in a bid to strengthen distribution, is going to new cities.

"We are investing for growth and getting more retail customers. We plan to be in 18 to 20 cities across the country by the end of this year through both the sales as well as service models. Also, on the distribution front, as more and more people get AMFI certification, we would be empanelling more distributors." Mr Kumar said.

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