ICICI Mutual Fund hopes to raise nearly Rs 2,000 cr from NFO
ICICI Prudential Mutual Fund hopes to raise Rs 1,200-2,000 crore from its India Opportunities Fund, an official said Wednesday. "We hope to raise Rs 1,200-2,000 crore in the NFO (new fund offering) and the fund will try to tap special situations like a temporary crisis, change in economic scenario, regulatory changes and global uncertainties," ICICI Pru MF head, product development & strategy, Chintan Haria said. The issue opens on December 26 and closes on January 9, 2019.
Meanwhile, Haria said that the discontinuation of fresh investments in the monthly dividend option from its largest scheme ICICI Prudential Balanced Advantage Fund from Wednesday will not have any major impact on the fund. "The dividend income corpus is around just 10 per cent of the fund size but we will continue if investors wish to stay. We are trying to convey to the investors to adopt a systematic withdrawal plan," he said. The fund house manages about Rs 28,000 crore under the scheme.
However, the fund will continue to accept money in the schemes growth option. The step was taken after a dividend tax of 10 per cent was imposed by the government.
(With inputs from agencies.)
- You need to improve law and order situation to attract investors in WB: Rajnath
- Rwanda looks forward to UAE and Turkish investors to strengthen FDI
- African Mining Indaba 2019 brings over 750 investors, dealmakers in Cape Town
- UPDATE 2-Australian bank shares surge most in decade as investors cheer inquiry outcome
- UPDATE 1-Alphabet beats Wall St estimates, but spending worries investors