Finance

ICICI Prudential MF aims to raise up to Rs 2000 crore from India Opportunities fund

Updated : December 20, 2018 06:24 AM IST

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

The fund house manages about Rs 28,000 crore under the scheme.

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, chnage in econonmic 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 discontinusion 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 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 government.

ICICI Prudential MF aims to raise up to Rs 2000 crore from India Opportunities fund

You May Also Like

H1FY21 Market Round-up: Reliance powers nearly a third of Nifty's 31% rally

CAMS lists with 23% premium at Rs 1,518 over the issue price

10 things you need to know before the opening bell on October 1

Trending on CNBC-TV18

recommended for you