SBI Infrastructure fund series launched

Mumbai, May 10 (UNI) India's largest bank sponsored mutual fund, SBI Mutual Fund here today announced the launch of 'SBI Infrastructure Fund series-1', a three year close-ended growth fund.

The new fund offer opens for subscription on May 11 and will be closed on June 8 with minimum application of Rs 5,000.

The fund opens to primary investments in a diversified basket of equity stocks of companies directly or indirectly involved in the infrastructure growth of the Indian economy and in debt-money market instruments.

Announcing the launch, head of equity, SBI Mutual Fund, Sanjay Sinha said ''The fund proposes to harness the investment opportunity in the infrastructure sector from the proposed spending of over Rs 14 lakh crore in the 11th five year plan.'' He said the fund will have no sectoral or market capitalisation bias and it would invest a minimum of 65 per cent in equity or equity related instruments including derivatives and balance is proposed to be invested in a mixture of debt and money market instruments whose performance has been benchmarked to BSE 100 index.

SBI Mutual Fund is a joint venture between the State Bank of India and Sociiti Ginirale Asset Management, fund management major that manages over USD 330 Billion worldwide.

It also continues to be one of the premier fund management houses in the country managing assets of Rs 16807 crore (as on March 31, 2007).

UNI