LIC MF announces the New Fund Offer

Mumbai, Feb 09: LIC Mutual Fund Asset Management Limited has announced the launch of a New Fund Offer (NFO) ‘LIC MF Nifty Midcap 100 ETF’. The NFO opened on 08th February 2024 and will close on 12th February 2024. The Scheme will re-open for continuous sale and repurchase on 19th February 2024.

Sumit Bhatnagar, Fund Manager – Equity at LIC Mutual Fund, is the Fund Manager of this Scheme.

The scheme will be benchmarked against Nifty Midcap 100 Total Return Index.

The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by Nifty Midcap 100 Total Return Index, subject to tracking errors. There is no assurance or guarantee that the objective of the scheme would be achieved.

The minimum investment in the NFO is Rs 5000 and in multiples of Re 1 thereafter. Units will be allotted in the whole figures and the balance amount will be refunded, even if it falls below the minimum amount.

Speaking on the launch of the product Ravi Kumar Jha, Managing Director and Chief Executive Officer, LIC Mutual Fund Asset Management Limited, said: “LIC Mutual Fund is optimistic about the potential of LIC MF Nifty Midcap 100 ETF. Given the prevailing macro environment, we feel we are launching the Fund at the right time. As per International Monetary Fund Report, the growth in India is projected to remain strong in the upcoming years. Additionally, the Centre's positive outlook on high GDP growth rate and reduced market borrowing plan may bode well with the financial markets.