Prudential ICICI Mutual Fund is launching Floating Rate Plan (FRP). The Plan would be open for initial public offer on March 28, 2003. The minimum investment would be Rs 1 lakh and minimum additional investment is Rs 1000. An investor would have to maintain a balance of atleast Rs 5000 and can withdraw a minimum of Rs 500. All the initial issue expenses would be borne by the AMC. The total annual expenses would not be more than 0.75 per cent while the management fees would be limited to 0.45 per cent. There would be no entry or exit load.
The Plan offers both dividend and growth options. The frequency of dividend would be fortnightly. The plan will be open for on going sales and repurchase from March 31, 2003.
Prudential ICICI Floating Rate Plan aims to invest atleast 65 per cent of the assets in floating rate debt instruments while upto 35 per cent in fixed rate debt instruments.