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.

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.