ICICI Pru Growth, Discovery Fund declare dividend

The AMC have also announced a dividend of 12% (Rs 1.20 per unit on a face value of Rs 10), in its open-ended equity scheme - ICICI Prudential Discovery Fund. The objective is to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks.

All investors registered under the dividend option of the scheme as on June 13, 2008 will receive this dividend. The NAV under the dividend plan as on June 10, 2008 of ICICI Prudential Growth Plan was Rs 20.54 and NAV of ICICI Prudential Discovery Fund was Rs 14.90.

The last dividend announced by the schemes was of 20% and 12% in December 2007 respectively. Over the last one year, ICICI Prudential Growth Plan has yielded 3.2% where as ICICI Prudential Discovery Fund has yielded negative return of 7% compared to 7.34% given by its benchmark S&P CNX Nifty as on June 10, 2008.