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Kotak Mahindra Mutual Fund has launched a new fund named as Kotak FMP Series 273, a close ended debt scheme with the duration of 1245 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 15 July to 17 July 2019.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

The scheme offers growth and dividend payout option.

The scheme shall invest 80% - 100% of assets in debt instruments including government securities and invest upto 20% of assets in money market instruments with low to medium risk profile. Investment in derivatives will be up to 50% of the net assets of the scheme.

The minimum application amount is Rs 5000 and in multiples of Rs 10 for purchase and switch-ins.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme.

Entry load and exit load charge will be nil for the scheme.

The scheme performance will be benchmarked against CRISIL Composite Bond Fund Index TRI.

Deepak Agrawal is the fund manager of the scheme.

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