ICICI Prudential Mutual Fund has launched a new close ended debt scheme named "ICICI Prudential Fixed Maturity Plan-Series 69-1092 Days Plan L" with maturity period of 1092 days from the date of allotment.
The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription today and will close on September 12.
According to the offer document filed with SEBI, the entry load is nil and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter. The two options available under the Plan of the Scheme are Cumulative and Dividend option.
The performance of the scheme will be benchmarked against CRISIL Short Term Bond Fund Index and Avnish Jain will be the Fund Manager of the scheme.
The asset allocation of scheme will be in such a way that the objective of the scheme to generate income will be met by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. Hence, the scheme will allocate 50 to 100 per cent of asset in debt securities and 0 to 50 per cent in money market instruments.