ICICI MF set off 3 months FMP
ICICI Mutual Fund unveiled ICICI Prudential Fixed Maturity Plan Series
47 - 3 Months Plan B on 29 August 2008. The new issue will be closed
for subscription on 1 September 2008. The NFO price of the fund is Rs
10 per unit.
ICICI
Prudential Fixed Maturity Plan - Series 47 - 3 Months Plan B is a
close-ended debt fund. The investment objective of the plan is to seek
to generate regular returns by investing in a portfolio of fixed income
securities/ debt instruments normally maturing in line with the time
profile of the Plan.
Presently there are two options available
under the scheme viz. retail option and institutional option.
Cumulative and dividend sub-options are available under the scheme.
Dividend payout is the only facility available under dividend
sub-option. Retail option shall be the default option and cumulative
sub-option shall be the default sub-option.
The fund will have
exposure up to 100% in money market instruments, short term and medium
term debt securities, debt instruments and securitised debt. The
investment in securitised debt will be up to 50% of the net asset of
the scheme. Exposure in derivatives instruments will be up to the
extent of 50% of the net assets. The investment in central and state
government securities will be up to 50% of the net asset of the plan.
Due to its close-ended structure the scheme does not charge any entry load.
To
provide liquidity to the investors, the Fund proposes to provide
repurchase facility at fortnightly intervals from the date of
allotment, i.e. on every 2nd and 4th Wednesday of each calendar month.
The investors may redeem the units on the stipulated dates on which
Repurchase facility is provided, at NAV based prices.
There will
be an exit load of 1.00% of the applicable NAV for the redemption made
during the repurchase facility period. Redemptions made on maturity do
not attract any exit load.
The minimum investment amount under
retail plan is Rs. 5000 and in multiples of Re. 1 thereafter. Investors
under institutional plan will have to invest minimum of Rs 1 crore and
in multiples of Re. 1 thereafter. During the New Fund Offer period of
the Plans under the Scheme, the fund seeks to raise a minimum
subscription of Rs.1 lakh.
The performance of the scheme will be against CRISIL Liquid Fund Index. The fund manager for the scheme will be Chaitanya Pande.
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