Reliance Mutual Fund launches equity fund
New Delhi, Nov 22: Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani Group, today launched a long-term close-ended diversified equity fund, which will invest in select small and mid-cap stocks which have the potential to grow and deliver attractive returns.
The Reliance Long Term Equity Fund (RLTEF) which offers automatic conversion into an open-ended scheme at the end of 36 months from the date of allotment, would be open till December 11, 2006.
''Given the robust growth displayed by the Indian economy, small and mid-cap companies have the potential to transform into large caps in the coming years. RLTEF endeavours to offer attractive growth potential to investors who have a long-term horizon. This new offering is bound to strengthen our leadership status in the equity space,'' said Reliance Mutual Fund President Vikrant Gugnani.
With an investor base of over 2.3 million, Reliance Mutual Fund manages a corpus of Rs 31,572 crore that includes equity funds of Rs 14,600 crore, as on October 31, 2006.