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Reliance Mutual's floating rate fund

By Our Special Correspondent

MUMBAI, AUG. 23. Reliance Mutual Fund has launched today its first floating rate fund called, `Reliance Floating Rate Fund. The issue has opened for public today and will close on August 27.

During the period of the initial public offering, units will be offered to the public at Rs. 10 and the minimum application will be Rs. 25,000 and in multiples of Re. 1 thereafter.

"The current yield curve and the overnight index swap (OIS) rates seem to suggest an increase in short-term interest rates. Short-term investors (who usually invests for few months) could expect decent returns in Reliance Floating Rate Fund, once short term rates start moving up,'' said Amitabh Chaturvedi, Chief Executive Officer, Reliance Mutual Fund.

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