ICICI Prudential Mutual Fund has announced that ICICI Prudential Fusion Fund - Series III which is maturing on 14 March 2011 will be converted into an open ended diversified equity scheme with effect from 14 March 2011.
The salient features of the scheme on conversion into an open ended scheme are as follows:
Scheme Objective: ICICI Prudential Fusion Fund - Series III has the investment objective to generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies across large, mid and small market capitalization.
Minimum Application Amount: Retail Option: Rs. 5000 (plus in multiples of Re 1 thereafter). Institutional Option: Rs. 1 crore (plus in multiple of Rs. 1 thereafter)
Option / sub-options under the scheme: There are two options under the scheme viz. retail option and institutional option. Unit holders will have the choice of growth or dividend sub-option under both the options. Retail option will be the default option and growth sub-option will be the default sub-option. Under dividend option, dividend payout facility is only available.
Exit load charge will 1% of the applicable NAV, if the amount sought to be redeemed or switched out is invested for period upto 1 year.
The exit load charge will be nil if the amount sought to be redeemed or switched out is invested for period more than 1 year
Source: http://www.indiainfoline.com/Markets/News/ICICI-Prudential-Fusion-Fund-Series-III-to-be-converted-into-Open-Ended-Equity-Diversified-Scheme/3561508258
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