Aditya Birla SL Tax Savings Fund merges into Aditya Birla SL Tax Relief ’96 Fund

Aditya Birla Sun Life Mutual Fund has decided to merge Aditya Birla SL Tax Savings Fund into Aditya Birla SL Tax Relief’ 96 Fund. Both the funds are tax-saving schemes (ELSS), investments in which are tax deductible under section 80C of the Income Tax.

Apr 20, 2018 04:04 IST India Infoline News Service Jitender Singh |

To comply with SEBI’s new mutual funds' categorization norms Aditya Birla Sun Life Mutual Fund has decided to merge Aditya Birla SL Tax Savings Fund into Aditya Birla SL Tax Relief ’96 Fund. Both the funds are tax-saving schemes (ELSS), investments in which are tax deductible under section 80C of the Income Tax.

Aditya Birla SL Tax Savings Fund and Aditya Birla SL Tax Relief’ '96 Fund had AUM of Rs26cr and Rs5,523cr as on March 31, 2018, respectively.

As per the notice released by the fund house, the merger will be effective from May 21, 2018, after business hours.  However, the existing unitholders of Aditya Birla SL Tax Savings Fund (merging schemes) have given an option to either redeem their investments or switch their investments to any other schemes of Aditya Birla Sun Life Mutual Fund without payment of any exit load from April 19, 2018 till May 18, 2018 (both days inclusive and upto 3pm on May 18, 2018) at Applicable NAV. As per the notification, the redemption proceeds of the merging scheme shall be dispatched within 10 business days of receipt of the valid redemption request.

Unitholders who do not exercise the exit option by 3pm on May 18, 2018, would be deemed to have consented to the proposed modifications and will be allotted the units of Aditya Birla SL Tax Relief ’96 Fund.
 
Aditya Birla SL Tax Relief ’96 Fund will continue to invest 80-100% in equities & equity related securities and 0-20% in Debt & Money Market instruments.

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