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Tuesday, July 28, 2009

ICICI Prudential R.I.G.H.T. Fund Floats on

NFO period from 09 June- 09 September 2009

ICICI Prudential Mutual Fund has launched new fund named as ICICI Prudential R.I.G.H.T. (Rewards of Investing and Generation of Healthy Tax Savings) Fund, an open-ended ELSS (equity linked saving scheme). The face value of the new issue will be Rs 10 per unit. The new issue will be open for subscription from 09 June - 09 September 2009.

ICICI Prudential R.I.G.H.T. (Rewards of Investing and Generation of Healthy Tax Savings) Fund is a ten year close-ended equity linked savings scheme that seeks to generate long-term capital appreciation to unit-holders from a portfolio that is invested predominantly in equity and equity related securities of large capitalization companies and emerging mid cap companies along with income tax benefit.

There are two options available under the scheme viz. growth and dividend with Growth option as the default option. Dividend option will have dividend payout facility only.

The minimum subscription amount is Rs 500 and in multiples of Rs 500 thereof.

The scheme will invest up to 80%-100% in equity and equity related securities with high risk profile and it also invest upto 20% in debt. The Scheme will invest in securitized debt upto 50% of debt portfolio only if it is permitted under the ELSS Guidelines in future.

The scheme will charge an entry Load of 2.25%, for investments of less than Rs 5 crore of applicable NAV and it will not charge any entry load, for investment of Rs 5 crore and above

The scheme will charge an exit load of 2%, if redeemed within 2 years after completion of 3 years lock-in period 2% of applicable NAV and will not charge any exit load thereafter

Benchmark Index for the scheme is S&P CNX Nifty Index.

Prashant Kothari will be the fund manager of the scheme.

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