ING Mutual Fund garners Rs 1357 Crore through FMP

Mumbai, October 4, 2007: ING Mutual Fund has garnered Rs 1,357 Crore through its Fixed Maturity Plan Series XXVI (FMP-26), Series XXVIII (FMP-28), Series XXX (FMP-30), Series XXXI (FMP-31) and Series XXXII (FMP-32).

ING FMP - Series XXX has garnered the highest amount of more than Rs 500 Crore. The ‘FMP - Series XXX’ which is a close ended bond scheme was open for subscription between August 20th-27th, 2007. The 92 days close ended fund was available in both dividend & growth options.

Whereas, ING FMP - Series XXXII has collected more than Rs 300 Crore. The ‘FMP - Series XXXII’ which is a close ended bond scheme was open for subscription between August 30th-September 10th, 2007. The 368 days close ended fund, available in dividend, growth & bonus options.

Both the fixed maturity bonds were successfully placed and subscribed by a diverse set of investors, including high net worth individuals, financial institutions and large corporate & business houses.

Mr. Ramanathan K., Head-Fixed Income, ING Investment Management (I) Pvt. Ltd., said, "FMPs typically are launched when the market yields are attractive. FMPs as a product category benefits investors as it enables investors to lock on to attractive yields. Investors who invested in FMPs in the past two months have benefited significantly as yields on corporate bonds have come off sharply in October."

Fixed Maturity Scheme is a series of close ended funds invested in the portfolios of various bond securities.

Source : Equity Bulls

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