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Wednesday, September 23, 2009

ICICI Prudential Banking & PSU Debt Fund files offer document with Sebi

An open-ended income fund

ICICI Prudential Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch ICICI Prudential Banking & PSU Debt Fund, an open-ended income fund. The new fund offer (NFO) price for the scheme is Rs.10 each.

The investment objective of the Scheme is to generate regular income through investments in a basket of debt and money market instruments consisting predominantly of securities issued by entities such as Banks and Public Sector Undertakings (PSU) with a view to providing reasonable returns, while maintaining an optimum balance of safety, liquidity and yield.

Growth and dividend options are available under the scheme. Dividend option shall have only dividend reinvestment facility. Daily and weekly dividend frequencies shall be available under dividend re-investment facility. If any investor fails to specify option/facility under the scheme then dividend option with daily dividend reinvestment facility shall be the default option/ facility.

The scheme would invest 65-100% of asset in debt (including securitized debt of upto 50% and stock lending upto 50% of the portfolio) (including government securities) and money market securities issued by Banks and PSU. The scheme will invest 0-35% in debt (including securitized debt of upto 50% and stock lending upto 50% of the portfolio) and money market securities issued by entities other than Banks and PSU.

The minimum application is Rs 5000 plus in multiple of Re 1.

During the NFO period of the plans under the scheme, each Plan seeks to raise a minimum subscription of Rs. 1 Lakh.

ICICI Prudential Banking & PSU Debt Fund will be benchmarked against Crisil Short Term Bond Fund Index.

The scheme will be managed by Chaitanya Pande.

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