ICICI Prudential Mutual Fund has announced the merger of ICICI Prudential Fusion Fund, ICICI Prudential Equity Opportunities Fund, ICICI Prudential Fusion Fund –Series III with ICICI Prudential Dynamic Plan, with effect from May 13, 2011.
Post merger the features of ICICI Prudential Dynamic Plan shall be as follows:
Type of the scheme: An open ended equity fund.
Investment Objective: To generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the scheme may invest in debt, money market instruments and derivatives. The investment manager will have the discretion to take aggressive asset calls i.e. by investing 100% invested in equity market/equity related instruments at a given point of time and 0% at another, in which case, the fund may be invested in debt related instruments at its discretion.
Options under the Scheme: Presently, there are three options available under the scheme viz. Growth Option, Dividend Option and Institutional Option I. Institutional Option will be introduced with effect from May 13, 2011. The Institutional Option will have only growth sub-option. Dividend option has dividend payout and dividend reinvestment facilities. Institutional Option I has only growth sub-option. Growth option will be default option. Dividend reinvestment facility shall be the default facility under the dividend option.
Minimum Application Amount: Growth and Dividend option: Rs 5000.
Institutional option I: Rs 10,000,000
Institutional option: Rs 10,000,000
Expenses Ratio: Recurring expenses up to 2.50% under all options.
Exit Load: Exit Load will be 1 per cent if redeemed within 1 year from the date of allotment. and nil if redeemed after 1 year from the date of allotment.
The investor under the growth and dividend sub-option of retail option under the merging schemes shall be transferred to the growth and dividend option of the surviving scheme respectively. Investors under the institutional option of the merging schemes shall be transferred to the institutional option of the surviving scheme. The transfer of units consequent to merger shall be considered as redemption in the merging schemes and purchase in the surviving scheme.
Investors who want to exit from the schemes can redeem their units from April 13, 2011 to May 13, 2011.