Date:17/02/2005 URL: http://www.thehindubusinessline.com/2005/02/17/stories/2005021702151300.htm

Back Franklin flexi cap fund mops up Rs 1,950 cr

Our Bureau

Mumbai , Feb. 16

FRANKLIN Templeton Investments (India) has collected over Rs 1,950 crore during the initial public offer of its new equity fund - Franklin India Flexi Cap Fund, according to a company press release.

The IPO of the fund closed on February 9. Flexi Cap Fund will invest in companies based on a research-driven, bottom-up stock selection process, irrespective of their market capitalisation, as per the offer document of the fund.

The IPO proceeds have been collected from over 2 lakh investors across the country, the release said.

"The tremendous response for the new equity fund from Franklin Templeton's India business reflects the metamorphosis in Indian markets. Over 2,00,000 applications from over 80 locations in the country is a testimony to mutual funds becoming a savings vehicle of choice for the Indian investors," the release quoted Mr Rajiv Vij, Managing Director - Asia, Franklin Templeton.

Mr Ravi Mehrotra, President - India, said that the product provides investors a convenient way to achieve diversification within the equity asset class. The fund's flexibility in terms of investing across market cap ranges will help investors capitalise on investment opportunities thrown up by the growing economy, according to the release.

The scheme will open for subscription on an ongoing basis from March 7.