Prudential ICICI Mutual Fund is launching another institutional fund - Prudential ICICI Flexible Income Plus. The fund would be open for initial offer on May 22, 2003. The fund offers only a Cumulative option currently.
The minimum investment in the fund is Rs 5 crores with minimum additional investment of Rs 500. The annual recurring expenses and management expenses of this fund would be limited to 1 per cent and 0.50 per cent, respectively. The initial issue expenses would be fully borne by the AMC and there would be no entry or exit load.
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