NIT has received tremendous response for initial offering of its 'Income Fund' with combined pre-IPO and IPO subscription by individuals, corporations and financial institutions, surpassing Rs 3.7 billion.
According to a press release issued here on Monday, the Units of NIT Income Fund were offered for initial subscription to attract all those investors who are looking to generate attractive returns through a diversified portfolio comprising of high quality debt securities and instruments.
The performance of NIT IF will be compared against a benchmark based on average of 6 month KIBOR rates quoted during the period whereas the weighted average time to maturity of the fund shall not exceed 4 years. It is pertinent to mention that with the combined pre-IPO and IPO subscription of over Rs 2.5 billion, NITL successfully launched NIT Government Bond Fund on November 20, 2009. At present, the net assets of NIT Government Bond Fund has also increased to over Rs 3.8 billion whereas NIT IF has started its operations with over Rs 3.7 billion.
This tremendous public response is an indication that they had been long awaiting for NIT to step forward in Fixed Income category as well. National Investment Trust Limited (NITL), the largest and oldest asset management company is now managing six funds with approximately Rs 80 billion net assets. NITL is also in an advanced stage of offering units of NIT - State Enterprise Fund (NIT-SEF) to both local and foreign investors.-PR
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