ICICI Prudential's new equity fund collects over Rs800 crore
21 May 2009
ICICI Prudential Asset Management has collected over Rs800 crore in a new equity fund, the highest for an equity stock fund in more than a year.
Between 15 April and 14 May, ICICI Prudential Target Returns Fund - an open-ended diversified equity fund - collected over Rs800 crore. The NFO also saw almost 90 per cent participation by retail investors, reviving hopes of return of the retail investor to the stock market.
ICICI Prudential Target Returns Fund is an open-ended diversified equity fund (offering no guarantee or assurance of returns) that seeks to generate capital appreciation by investing in equity or equity related securities of large market capitalisation 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, the AMC said.
Being open-ended in nature, the scheme will commence sale and redemption of units not later than 30 days after the close of the New Fund Offer period. An investor can thereafter purchase and redeem units on every business day at NAV based prices subject to the provisions of prevailing load structure.
ICICI Prudential said it will, under normal circumstances, dispatch redemption cheques within 10 days from the date of acceptance of redemption request.
The Trustees reserves the right to change the benchmark in future if a benchmark better suited to the investment objective of the scheme is available, it said.
The AMC will calculate and disclose the first NAV not later than 30 days from the closure of the NFO period. Subsequently, the NAV will be calculated and disclosed at the close of every business day. In addition, the AMC will disclose details of the portfolio at least on a half-yearly basis.
NAV will be determined on every business day except in special circumstances. NAV of the scheme will be made available at all customer service centers of the AMC and possibly also in a daily newspaper and on the AMC's website (www.icicipruamc.com) and on the website of Association of Mutual Funds in India (www.amfiindia.com) by 9.00-pm every business day, the AMC said in a release.
