Mutual Fund News : IIFL Mutual Fund files offer document for Overnight Fund

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IIFL Mutual Fund has filed offer document with SEBI to launch an open ended debt scheme named 'IIFL Overnight Fund'.

The investment objective of the scheme is to generate returns by investing in debt and money market instruments with overnight maturity of 1 day.

The performance of the scheme will be benchmarked against CRISIL Overnight Index.

The New Fund Offer price is Rs 1,000 per unit and the minimum application amount for initial purchase is Rs 5000 and in multiples of Re 1 thereafter.

The scheme offers growth and dividend options and seeks to collect a Minimum Target Amount of Rs 20 crore.