Kothari MF plans open-end income scheme

MUMBAI, May 28: Kothari Pioneer Mutual Fund, which has introduced nine schemes and collected about Rs 300 crore, is now launching its 10th scheme on June 2, 1997 called Kothari Pioneer Income Builder Account (IBA), the first open end income fund.

The fund aims at delivering an annual return of 14 per cent by investing upto 100 per cent in high quality debt instruments. According to Ravi Mehtrotra, chief investment officer, Kothari Pioneer AMC Ltd, the fund will invest in high investment quality debt of well managed corporate with strong fundamentals and cash flow.“We also foresee a rise in interest rates towards the latter half of the financial year and would position our fund accordingly,” he said.

The issue will be open till June 23 after which regular purchase and sale can be done at NAV from July 28,1997.