LIC Multicap Mutual Fund to be launched on October 6
LIC Mutual Fund has announced that it will launch ‘LICMF Multicap Fund’ or ‘LICMF Multicap’ on October 6. The New Fund Offer (NFO) will close on October 20, 2022. Thus, the NFO will be open for 15 days. After this, the scheme will reopen for ongoing subscription on November 2, 2022.
LICMF Multicap Fund is an open-ended equity investment tool and its proceeds will be invested across all market capitalization segments. According to reports, the LICMF Multicap Fund will invest 25 per cent each in large, mid and small-cap stocks and the remaining 25 per cent will be invested across market capitalization at the discretion of the fund manager.
The company said that LICMF Multicap Fund’s focus on Large, Mid and Small-cap funds will offer a disciplined diversification.
Meanwhile, Managing Director and Chief Executive of LIC Mutual Fund T S Ramakrishnan said on Thursday that the merger between LIC Mutual Fund and IDBI Mutual Fund is in progress and it is at the final stage. LIC acquired a majority stake in IDBI Bank to rescue it.
Rs 5,000 minimum subscription
Minimum subscription amount for each plan — Direct Plan and Regular Plan — in all options and sub-options is Rs 5,000 and in multiple of Re 1 thereafter. Additional Investment can be Rs 500 and in multiple of Re 1 thereafter. The minimum redemption amount will be Rs 500 or account balance, whichever is lower.
In case of investors opting to switch into the scheme from existing schemes of LIC Mutual Fund (subject to completion of the lock-in period, if any) during the NFO period, the minimum amount is Rs 5,000 and in multiple of Re 1 thereafter.
There is no minimum amount requirement in case of investors opting to switch “all units” from any existing schemes of LIC Mutual Fund to this scheme.
LICMF Multicap Fund would drive its investment strategy from its in-house developed Macro Based Valuation Check (MVC), thus adjusting the allocation of stocks in line with the evolving macro variables.
Units may be purchased or redeemed at NAV related prices, subject to applicable loads, on every business day on an ongoing basis, commencing not later than five business days from the date of allotment.
The Mutual Fund will dispatch redemption proceeds within 10 business days from the date of acceptance of redemption request.