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Wednesday, April 01, 2009

ICICI Prud MF announces NFO of ICICI Prud Target Returns Fund

NFO period from 15 April–14 May 2009

ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Target Returns Fund, an open ended diversified equity fund on 15 April 2009. The new issue will be open for the subscription till 14 May 2009. The NFO price for the fund is Rs 10 per unit.

Features of the scheme:

Investment objective: The investment objective plan is to seeks to generate capital appreciation by investing in equity or equity related securities of large market capitalization companies constituting the BSE 100 index and providing investors with options to withdraw their investment automatically based on triggers for preset levels of return as and when they are achieved.

Investment options: The scheme offers two plans viz. retail and institutional plan I. Retail option will have growth and dividend as sub options with dividend payout and dividend reinvestment facilities available under Dividend sub option. Institutional option I will have only growth sub-option. Retail option with dividend reinvestment facility will be the default option.

Minimum application amount: The minimum investment amount under retail plan is Rs. 5,000 and in multiples of Re 1 thereafter. And under institutional plan I, the minimum investment amount is Rs. 1 lakh and in multiples of Re 1 thereafter.

Minimum target amount: The fund seeks to raise a minimum subscription amount of Rs. 1 crore during its New Fund Offer period.

Asset allocation: The scheme will invest 65-100% in equity and equity related securities with medium to high-risk profile. Up to 35% of total asset will be devoted to debt and money market instruments with low to medium risk.

The investments in ADR/GDR up to 50% of allocation to equity & equity related securities maximum. The scheme may invest in derivatives up to 75% of its net assets of the scheme. Stock lending shall be up to 30% of the net asset of the scheme.

Load structure

Entry load: For retail option, the fund will charge entry load of 2.25% of applicable NAV for an investment amount less than Rs 2 crore. For an investment amount of Rs 2 crore and above, no entry load will be applicable.

While for institutional option I, no entry load will be charged.

Exit Load: For an investment amount of less than Rs 2 crore, if amount sought to be redeemed before 6 months from the date of allotment, 1.5% will be exit load. If the amount sought to be redeemed on or after 6 months but before 12 months from the date of allotment, 1% of applicable NAV should be charged as an exit load. For redemption on or after 12 months, no exit load will be applied.

For investment amount of Rs 2 crore and above, the scheme will not levy exit load.

Institutional option I may not charge an exit load.

Benchmark Index: The benchmark index for the scheme is BSE 100 Index.

Fund Manager: Sanjay Parekh will be the fund manager for the scheme.

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