ICICI Prudential MF launches MIP 5

ICICI Prudential Mutual Fund has launched a new fund as ICICI Prudential MIP 5, an open ended income scheme. The investment objective of the scheme is to generate regular income through investments in fixed income securities so as to make regular dividend distribution to unit holders seeking the Dividend Option. The secondary objective of the scheme is to generate long-term capital appreciation by investing a portion of the scheme's assets in equity and equity related instruments.

The New Fund Offer (NFO) will be open for subscription from April 14, and close on April 27, 2011. The NFO price for the scheme is Rs 10 per unit. (View - New Fund Offers open NOW)

The scheme offers Cumulative and Dividend Options. Cumulative Option shall also have the facility of Automatic Encashment Plan. Dividend option shall have dividend payout and dividend reinvestment facility with dividend reinvestment as default facility. Dividend option will have Monthly, Quarterly and Half Yearly dividend frequencies.

The minimum investment amount is Rs 5000 and in multiples of Rs 1 under Cumulative and Dividend option. Whereas under, Automatic Encashment Plan it is Rs 25000 and in multiples of Rs 1. (Check out -Mutual Fund New Fund Listings)

Entry load - Nil. Exit load 1% of the applicable NAV, if the amount, sought to be redeemed or switched out, is invested for a period of upto one year. Nil, if the amount, sought to be redeemed or switched out, is invested for a period of more than one year from the date of allotment.

The scheme will allocate 90% to 100% of assets in debt securities, money market instruments and and upto 10% of assets in equities & equity related securities with medium to high risk profile.

The schemes performance will be benchmarked against Crisil MIP Blended Index.

The scheme will be managed by Mr. Chaitanya Pande (Debt) and Mr. Mrinal Singh (Equity).

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