| ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential India Recovery Fund – Series 6, a close ended equity scheme. The tenure of the plan is 1100 days from the date of allotment of units. The new fund offer price for the scheme is Rs 10 per unit. The new issue will open for subscription from 28 May to 08 June 2016.
The investment objective of the Scheme is to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy.
The scheme offers cumulative and dividend (payout) options under both regular plan and direct plan.
The scheme shall invest 80-100% in equity and equity related instruments with medium to high risk profile and up to 20% in debt, money market instruments and cash with low to medium risk profile.
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 10 crore during the NFO period.
Entry load and exit load charge will be not applicable for the scheme.
The benchmark index for the scheme will be S&P BSE 500 Index.
The fund managers of the scheme are Manish Gunwani and Rajat Chandak. The investments under the ADRs/GDRs and other foreign securities will be managed by Shalya Shah.
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