ICICI Mutual Fund announced launch of ICICI Prudential Target Returns Fund – an open ended diversified equity fund scheme. The new fund offer (NFO) is open for subscription from April 15, 2009 to May 14, 2009.
This fund offers two plans namely regular and institutional. Under Retail Option, it will have sub options such as growth and dividend and dividend will further have sub options namely dividend payout and dividend reinvestment. Similarly under Institutional option I, one will have only growth sub-option.
The scheme is benchmarked against BSE 100 Index. The investment objective of the scheme seeks to generate capital appreciation by investing in equity or equity related securities of large market capitalization companies 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 New Fund Offer (NFO) price for the fund is Rs 10 per unit. The minimum application amount for retail option is Rs.5000 and Rs.1000 for additional subscription amount.Under Institutional Option I the minimum application amount is Rs. 100,000 and Rs.1,000 for additional subscription amount.