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Pru ICICI Launches Infrastrcture Fund

Prudential ICICI Mutual fund is launching a new fund - Prudential ICICI Infrastructure Fund. It would invest in stocks of companies belonging to the infrastructure industry. This will be the second fund of its kind. Tata Mutual Fund launched a simlilar fund in December, 2004 by the name of Tata Infrastructure.

Prudential ICICI Infrastructure is open for initial subscription from July 18 to August 10, 2005. The minimum application amount for the same would be Rs. 5000 and minimum additional investment is Rs. 500. For investments less than Rs 5 crores, the fund would charge an entry load of 2.25% while an exit load of 1% if redeemed within six months. The fund would benchmark against S&P CNX Nifty Index. The fund offers SIP facility even during the initial offer.