ICICI Prudential Mutual Fund aims to raise up to Rs 2,000 cr from India Opportunities fund

ICICI Prudential Mutual Fund house manages about Rs 28,000 crore under the scheme. However, the fund will continue to accept money in the schemes growth option.

Press Trust of India December 20, 2018 07:34:42 IST
ICICI Prudential Mutual Fund aims to raise up to Rs 2,000 cr from India Opportunities fund

Kolkata: ICICI Prudential Mutual Fund hopes to raise Rs 1,200-2,000 crore from its India Opportunities Fund, an official said on 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 temporary crisis, change in economic scenario, regulatory changes and global uncertainties," ICICI Pru MF head, product development and strategy, Chintan Haria said.

The issue opens on 26 December and closes on 9 January 2019.

ICICI Prudential Mutual Fund aims to raise up to Rs 2000 cr from India Opportunities fund

Reuters image

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 percent of the fund size but we will continue if investors wish to stay. We are trying to convey to the investors to adopt 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 percent was imposed by government.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Furniture rental startup Furlenco raises Rs 20 crore in venture debt from Blacksoil
Business

Furniture rental startup Furlenco raises Rs 20 crore in venture debt from Blacksoil

Furlenco has furnished over 150,000 homes across eight major cities in India and has AUM (assets under management) worth over Rs 200 crore.

CRED founder Kunal Shah backs Carl Pei's upcoming venture in an undisclosed amount of funding
Business

CRED founder Kunal Shah backs Carl Pei's upcoming venture in an undisclosed amount of funding

"Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey,” Kunal Shah said.