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December 27, 1999
Birla MF relaunches two equity funds
Birla Mutual Fund, which took over Apple Mutual Funds recently, today relaunched two acquired funds from Apple: Birla IT Fund (formerly Apple Platinum Share) and Birla MNC Fund (formerly Apple Midas Fund-the Goldshare). With this, BMF has added two new equity funds to its existing portfolio of five equity funds.
Kumar Mangalam Birla, chairman of the Aditya Birla Group, said with this takeover, nearly 100,000 investors have joined the BMF, following the takeover of Apple Mutual Fund which had assets of Rs 1.04 billion under the two schemes. The total investor base of BMF now will be in excess of 250,000.
Financial services has been identified by the AV Birla Group as a core business with enormous potential to grow in revenues and earnings. The acquisition of Apple was a step in that direction, Birla observed.
BMF has become the largest Indian mutual fund after the Unit Trust of India with total assets under management of over Rs 37.50 billion. This year, we have surpassed all records at a growth of 160 per cent against the industry growth rate of 35 per cent, he said.
Both the apple funds are now in the process of being re-organised in their structure, investment policy and fund management and these are now offered as Birla IT and Birla MNC for fresh public subscription in the initial special offer period from December 27, 1999 upto January 31, 2000. Investors subscribing to the schemes during the period will be issued units at Net Assets Value without an entry load.
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