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Wednesday, June 24, 2009

ICICI Prud MF launches one year FMP

NFO period from 25 June-29 June 2009

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan –Series 49 – One Year Plan A, a close ended debt fund. The new fund offer period (NFO) for subscription will be from 25 June to 29 June 2009. The face value of the new fund is Rs 10 per unit.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments which mature on or before the date of maturity of the plan/ scheme.

Presently, there are three options available under each plan of the scheme i.e. institutional option-I, institutional option and retail option. Dividend option further offers dividend payout and dividend re-investment facilities.

The minimum investment amount under the retail option is Rs 5,000 and in multiples of Re 1 thereafter. The minimum invested amount under the institutional option is Rs 25 lakh and in multiples of Re 1 thereafter and under institutional option I is Rs 10 lakh and in multiples of Re. 1 thereafter .

Each plan seeks to raise minimum targeted amount of Rs 5 crore during the NFO period.

The fund will invest up to 100% in money market instruments, short-term and medium term debt securities/debt instruments and secularized debt. The investments in central and state government securities will be in normal circumstances limited to 50% of the net assets of the Plan. Investment in secularized debt shall be up to 50% of the net assets and derivatives instruments to the extent of 50% of the net assets of the scheme. Under the above mentioned Plans, it is proposed to make investments in debt securities which mature on or before the date of maturity of the scheme.

There will no entry load charged for the scheme. Since the Plan will be listed on the stock exchange, there will be no load applicable.

Benchmark index of the scheme is CRISIL Short Term Bond Fund Index.

Chaitnya Pande will manage the investments under the scheme.

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