Asset management firm IDBI Mutual Fund today said its new fund offer (NFO) IDBI Dynamic Bond Fund has mopped up Rs 115 crore. The debt scheme was open between January 30 and February 14 and has an exit load of 1 per cent if the redemption takes place within a year. During the launch,the company was aiming for collecting a corpus of at least Rs 107 crore from the issue. "The positive response received by our NFO confirms investors' faith in us. In the current scenario of economic uncertainties,high accruals and expectations of rate cuts,investment in debt could be viewed as a good and prudent asset allocation strategy," IDBI Asset Management Managing Director and Chief Executive Officer Debasish Mallick said in a statement. The scheme will invest in portfolio comprising debt instruments like government securities,PSU and corporate bonds and money market instruments. However,the asset allocation in the debt and money market instruments is not predetermined and could vary according to market conditions. IDBI Mutual Fund,a part of IDBI Bank,commenced its operations in March 2010. It managed assets worth Rs 6,101.89 crore at the end of the December quarter.
