Indiabulls Mutual Fund today said it has launched its maiden equity mutual fund, Indiabulls Blue Chip Fund.

"We are launching our first equity mutual fund product today. We would be specifically targeting Blue Chips in our portfolio as we believe that the Indian equity market is emerging out of dark shadows," said Sanjay Chandel, the Chief Executive Officer (CEO) of Indiabulls Asset Management Company (IBAMC).

"We believe many fundamentally strong companies are available at attractive valuations and it is the right time to invest in such companies," he said.

The primary investment objective of the scheme is to seek to provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies.

The new fund offer will open on January 20 and closes on February 3, 2012.

The S&P CNX Nifty is the benchmark for the scheme as it is a well-diversified 50 stock index representing 21 different sectors of the economy, Chandel said.

The company has already come out with two offerings, namely the Indiabulls Liquid Fund and Indiabulls Ultra Short Term Fund. It collected more than Rs 1,100 crore under its Liquid Fund NFO and raked in Rs 555 crore for its Ultra-Short Term NFO.