ICICI Prudential Mutual Fund has launched new fund named as ICICI Prudential Fixed Multiple Yield Fund Plan A, a close ended income fund. The tenure of the plan in days is 1100 days. The New Fund Offer price for the scheme is Rs 10 per unit. The new issue will open for subscription on 20 May 2011 and closes on 31 May 2011.
The primary objective of the Plan under the Scheme is to seek to generate returns by investing in a portfolio of fixed income securities/ debt instruments. The secondary objective of the Scheme is to generate long term capital appreciation by investing a portion of the Scheme's assets in equity and equity related instruments.
Presently, two options are available under the schemes viz. cumulative and dividend option. Dividend Payout is the only facility available under dividend option. The default option shall be cumulative option under the scheme.
The scheme will allocate upto 70%-100% of assets in money market instruments, Short term and medium term debt securities/ debt instruments and securitised debt and invest upto 30% of the asset in equity or equity related Securities with medium to high risk profile.
If the Plan decides to invest in securitised debt, it could be upto 50% of the corpus of the Plan.
• If the plan decides to invest in equity derivatives it could be upto 100% of the allocation to equity. The margin money requirement for the purpose of derivative exposure may be held in the form of term deposits. The Scheme shall not take leverage positions and total investments, including investments in equity and other securities and gross exposure to derivatives, if any, shall not exceed net assets under management of the scheme.
• If the plan decides to invest in foreign securities it could be upto 100% of the allocation to equity.
Entry load and exit load charge are not applicable for the scheme. The scheme is proposed to be listed on NSE.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscription amount of Rs 5 crore during the NFO period.
The benchmark index for the scheme will be Crisil MIP Blended Index.
The scheme will be managed by Mr. Chaitanya Pande.
Source: http://www.adityabirlamoney.com/news/474968/10/22,24/Mutual-Funds-Reports/ICICI-Prudential-Multiple-Yield-Fund-Plan-A-floats-on-
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