ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Fixed Maturity Plan - Series 66 - 368 Days Plan B, a close ended debt scheme. The tenure of the scheme is 368 days. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue which is open for subscription from 11 February will close on 14 February 2013.
The investment objective of the scheme is to seek to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the scheme.
Presently, two options are available under the scheme viz. Cumulative and Dividend option. Dividend Payout is the only facility available under the Dividend Option. Cumulative Option shall be the default option under the Scheme. Half yearly dividend frequency will be available for the scheme.
The scheme will invest upto 100% of its asset in money market instruments with low to medium risk profile.
The scheme will have 95%-100% of its exposure in CDs and upto 5% in CPs.
Entry load and exit load charge are not applicable for the scheme. The scheme is proposed to be listed on BSE.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscription amount of Rs 20 crore under the scheme during the NFO period.
The scheme's performance will be benchmarked against Crisil Short Term Bond Fund Index.
The scheme will be managed by Manish Banthia.