Prudential-ICICI Mutual Fund has received approval from SEBI for the launch of its open-ended fund, Prudential-ICICI ChildCare Plan. The initial offer opens on July 16, 2001 and closes on August 2001.
The fund will offer two plans-: a Study Plan aimed at generating regular income and a Gift Plan striving for capital appreciation. Both the funds will carry only a cumulative option. While Study Plan will carry a mandate to invest 85 to 100 per cent in debt instruments with the balance in equity instruments, the Gift plan will invest up to 60% in equities and balance in debt.
The minimum investment in the fund is pegged at Rs 5000 and in multiples of Re one thereof. Any redemption from the fund (in both schemes) within three years from date of investment will be subject to an exit load of 2.50 percent and if the same if effected before the beneficiary attains an age of 18 years will attract an exit load of 1 per cent.
Amongst the other features, the AMC plans to provide a personal accidental insurance cover, scholarship scheme under the Prudential-ICICI Young Students Education Trust.
As on June 29, 2001, The AMC managed assets worth Rs 5996.84 crore across seven equity and five debt funds.