Reliance Mutual Fund has announced the launch of “Reliance Media and Entertainment Fund”, the first sectoral fund in India, which is dedicated to the entertainment and media industry.
The issue will remain open from September 16 to September 27, 2004. During the IPO period, units will be offered at Rs 10.
Minimum application amount is Rs 10,000 for resident and non-resident investors and in multiples of Rs 1, thereafter.
The initial issue expenses incurred during the IPO period will be debited to the scheme to the extent of 6% of the funds raised through the IPO, and the same will be ammortized over a period of five years.
Reliance Media and Entertainment Fund is an open-ended fund.
The fund will invest in equity, equity related instruments and fixed income securities of media and entertainment and other associated companies.
The fund aims to tap the growth potential of the media and entertainment segment.
Speaking on the occasion of the launch, Amitabh Chaturvedi, CEO, Reliance Mutual Fund said: “The launch of this sectoral fund is in line with our efforts to provide better investment avenues to the retail investor. The media and entertainment sector has become an integral part of our day-to-day lives.”
“We believe that this sector holds extensive growth potential, especially with the emergence of new media — internet, mobile and broadband. This segment is likely to grow by leaps and bounds. We want to provide growth avenue to investors so that they can cash-in on this segment.”
The assets under management of the fund house as on August 30, 2004 stood at Rs 11,500 crore.