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ICICI Prudential AMC plans real estate fund

ICICI Prudential Asset Management has filed papers with the Securities and Exchange Board of India for a close-ended fund that will invest mainly in debt securities of companies likely to benefit from the real estate sector. ICICI Prudential Real Estate Fund will invest 70% in debt instruments and 30% in equity and equity related securities, the fund house says in its draft offer document. The scheme offers retail as well as institutional plans, which again offer a choice of growth or dividend options. Both the options will have the same portfolio.

 Dividend payout facility is available under the dividend option. The fund will not charge any entry load but redemption before maturity will attract an exit load of 3%. The scheme seeks to raise minimum Rs 5 crore. Units can be purchased at Rs 10 each during the new fund offer period. Investors can invest minimum Rs 5,000 under the retail option and Rs 5 crore under institutional and thereafter in multiples of Re 1. At end May, ICICI Prudential managed assets worth Rs 507 billion, Association of Mutual Funds in India data showed.

 

Posted in loan, loan calculator, loan rate, real estate loan | Comments(0) June 2007