Prudential ICICI Mutual Fund has launched PruICICI Income Multiplier Plan. The fund is an open-ended Monthly Income Plan with growth and dividend option. The fund would be open for subscription from February 9, 2004 to February 25, 2004. The minimum investment for the scheme would be Rs. 5000 with additional investment of Rs. 500. The fund would not charge any entry load but an exit load of 0.50 per cent for investment amount less than Rs. 10 lakhs if redeemed within 6 months.
The scheme would invest 70 to 100 per cent of its assets in money market and debt instruments and upto 30 per cent in equity securities with S&P CNX Nifty stocks as the universe. The maturity of the debt portfolio would not exceed 3 years. And in the equity portfolio no single stock will be more than 5 per cent of the total portfolio. The Income Multiplier Plan has been designed to meet the longer-term investment objective and to provide the opportunity for capital appreciation.