Insights

Merger of Navi Overnight Fund into Navi Liquid Fund and Navi Conservative Hybrid Fund into Navi Aggressive Hybrid Fund

November 18, 2024 . FundsIndia Desk

Bulletin

Investors are hereby informed that the Board of Directors of Navi AMC Limited and Navi Trustee Limited, the asset management company and trustee company of Navi Mutual Fund, have approved the merger of the following schemes:

Details of Scheme Mergers:

Sr. No.	Merging Scheme	Surviving Scheme
1.	Navi Overnight Fund	Navi Liquid Fund
	An open-ended debt scheme investing in	An open-ended liquid scheme
	securities with overnight maturity
2.	Navi Conservative Hybrid Fund	Navi Aggressive Hybrid Fund
	An open-ended hybrid scheme investing in	An open-ended hybrid scheme investing in
	debt instruments	equity and equity-related instruments

Key Details:

Approval and SEBI No-Objection:
- The merger of Navi Overnight Fund into Navi Liquid Fund was approved by the Board of Directors of Navi AMC Limited and Navi Trustee Limited on July 29, 2024. SEBI provided its no objection via communication no. SEBI/HO/IMD/IMD-RAC-2/P/OW/2024/0000030715/1 dated September 27, 2024.
- The merger of Navi Conservative Hybrid Fund into Navi Aggressive Hybrid Fund was approved by the Board on June 07, 2024, with SEBI’s no objection via communication no. SEBI/HO/IMD/IMD-RAC-2/P/OW/2024/30716/1 dated September 27, 2024.
Exit Option for Unitholders:
In accordance with Regulation 18(15A) of SEBI (Mutual Funds) Regulations, 1996, all existing unitholders of the Merging Schemes and Surviving Schemes are provided an option to exit (redeem their investments or switch to any other scheme of the Fund) at the applicable Net Asset Value (NAV) without any exit load during the exit option period.
Exit Option Period:
- Start Date: October 15, 2024
- End Date: November 14, 2024 (both days inclusive)
Redemption requests received after November 14, 2024 (up to 3 p.m.) will be subject to the applicable exit load in the respective schemes.
Effective Date of Merger:
The merger of the schemes will be effective on November 15, 2024.
Default Option Post-Merger:
Unitholders of the Merging Schemes who do not opt for redemption or switch within the exit option period will be deemed to have consented to the merger and their units will automatically be transferred to the respective Surviving Schemes.