Business Daily from THE HINDU group of publications
Friday, Nov 16, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 16, 2007 ePaper | Mobile/PDA Version |
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Markets
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New Fund Offer Industry & Economy - Real Estate & Construction Our Bureau Mumbai, Nov. 15 ICICI Prudential, an asset management company, has launched ICICI Prudential Real Estate Securities Fund, which is a three-year close-ended debt fund. The new fund offer opened on November 15 and will close on December 14, 2007. “The fund would invest in real estate and related sectors such as cement, construction, metals, hotels, retail, banks and finance companies etc to gain from the real-estate boom in India”, said Mr Nilesh Shah, Managing Director, ICICI Prudential Asset Management Company Ltd. AllocationThe fund will predominantly invest 51 per cent in high-yielding debt securities issued by companies that are associated with or benefiting from real-estate sector, while investing up to 49 per cent in equity of companies, which are engaged in industries that benefit from the real-estate sector or have substantial investments in property, including landholdings. The initial allocation of the fund will typically be 70 per cent in debt instruments and 30 per cent in equity, he said. The fund offers both retail and institutional options with sub-options of growth and dividend. The minimum application amount in case of retail option is Rs 5,000 and in multiples of Re 1 thereafter, whereas in case of the Institutional option it is Rs 5 crore. There is no entry and exit load, but in case of redemptions made during the repurchase facility period, there will be an exit load of three per cent of the amount sought to be redeemed under the scheme. More Stories on : New Fund Offer | Real Estate & Construction
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