Birla Sun Life MF launches Long-Term Advantage Fund Series 1

Nagpur, Apr 20 (UNI) Birla Sun Life Mutual Fund today announced the launch of Birla Sun Life Long Term Advantage Fund (BSLAF) - Series 1 in Nagpur today.

Speaking to mediapersons here, company Vice President - Marketing and Strategy Raghvendra Nath said that BSLAF Series 1 was a three-year closed-end equity scheme with an automatic conversion into an open-ended scheme upon maturity.

The scheme was aimed at generating consistent long-term capital appreciation by investing predominantly in equity and equity-related securities of small and mid cap companies that are expected to post attractive growth in the next few years, he said. The performance of the fund would be benchmarked against the BSE 500 index, he also said.

Mr Nath said that the new fund offer (NFO) had already opened on April nine, and the offer would close on May 11, 2007. The minimum amount on application is Rs 5,000 and in multiples of Re one, thereafter during the NFO period, he said. The scheme offers growth option and dividend option, with the dividend option having payout and reinvestment facility, he added.

The fund will be managed by Birla Sun Life Asset Management Company Limited, which has assets of over Rupees 19,300 crore and an investor base of over 11 lakh as on March 31, 2007, he added.

UNI