Reliance fund collects 4.15 billion

Wednesday, 21 April 2004, 07:00 Hrs
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NEW DELHI: Reliance Mutual Fund through its diversified power sector fund IPO earlier this month has collected over 4.15 billion, with over 65,000 applications being received during the 18 days offer.

The Reliance Diversified Power Sector Fund IPO, an open-ended power sector scheme of the Reliance Capital Asset Management Limited (RCAM), invests in equity or fixed income securities of power and other associated companies to tap the growth potential of the sector.

RCAM is managed by Reliance Capital Ltd., a part of the 800 billion Reliance Group.

Being a power fund, the scheme would seek investment opportunities in various power related sectors like utilities, equipment suppliers and other related sectors, according to a company statement Tuesday.

"With the Reliance Diversified Power Sector Fund IPO participation, the Reliance Mutual Fund investor base has crossed 200,000," the statement said.

The initial public offer from March 29 to April 15, had sought minimum application amount of 10,000 from resident and non-resident investors.



"We are enthused with the collections from the Reliance Diversified Power Sector Fund. The confidence expressed by the investing public in the Diversified Power Sector Fund is noteworthy, especially since a sectoral fund has garnered such an overwhelming response," said Amitabh Chaturvedi, Reliance Mutual Fund CEO.

"It (the response) goes to show the growing maturity of the investors and strengthens the belief that a customised offering will draw wide spread investor participation," said Chaturvedi.




Source: IANS
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