The Hindu Business Line : PruICICI Loads: Sharply up for equity funds

PRUDENTIAL ICICI Mutual Fund has proposed a sharp hike in the entry loads for its equity schemes. The new entry load has been fixed at 2.25 per cent of the net asset value compared to prevailing levels of 1.75 per cent. But for investments between Rs 10 lakh and Rs 3 crore, the entry load will be 1.75 per cent and for over Rs 3 crore, 1 per cent. There is no exit load.

The new load structure is applicable to the following schemes: Prudential ICICI Growth Plan, Prudential ICICI FMCG Fund, Prudential ICICI Tax Plan, Prudential ICICI Balanced Fund, Prudential ICICI Technology Fund, Prudential ICICI Dynamic Plan and Prudential ICICI Power. It is applicable from March 10, 2003.

K-Liquid Plan: Kotak Mahindra Mutual Fund has introduced the K-Liquid Institutional Plan for its K-Liquid scheme with effect from March 12, 2003. The portfolio will be common for the K-Liquid plan as well as the institutional part. The units of the Institutional Plan are available for sale and repurchase on an ongoing basis from March 14, 2003.

Reliance Gilt Fund: Reliance Capital Mutual Fund plans to launch a Reliance Gilt Securities Fund which will invest in government securities. A Short Term Gilt Plan and a Long Term Gilt Plan will be part of the product targeted at investors with a horizon of less than one year and more than one year respectively.

The fund will invest in Central and/or State government securities in line with the maturity period of the plans. Under each plan, a dividend and a growth option would be available. A Bonus Facility, a Growth Facility, Dividend Re-investment and Dividend Payout will be other options in the plan.

The minimum application amount is Rs 1 lakh. There will be no entry load. But an exit load of 0.25 per cent will be levied on investments of less than Rs 10 lakh if funds are pulled out within six months.

Templeton dividend: Templeton Mutual Fund has announced a dividend of 1 per cent for Templeton India Income Builder Account for the Monthly Dividend Plan and a bonus of 5:1000 for the Bonus Plan.

For FT Monthly Income Plan, a dividend of 0.65 per cent for the Monthly Dividend Plan and a bonus of 5:1000 for the Bonus Plan have been announced.

A dividend of 0.5 per cent for FT India Gilt Fund and 0.6 per cent for Templeton India Short Term Plan (Monthly Dividend Option) are also part of dividend distribution. All investments as of February 28, 2003 are eligible for the dividend.

US-64 prices: The repurchase price for unit holdings of up to 5,000 units (enhanced from 3,000 units) is Rs 11.80 per unit in March 2003 under the Special Liquidity Package.

The package was offered from August 2001 at a price of Rs 10 per unit and is due to end in May 2003 at Rs 12 per unit. The price for February was Rs 11.60 per unit. For holdings in excess of 5,000 units, a repurchase facility linked to the NAV has been available from January 2, 2001.

For such holdings, an assured repurchase price of Rs 10 per unit or NAV, whichever is higher on May 31,2003, if the units are held till then. If redeemed earlier, the redemption will be at NAV-based prices.

For less than 5,000 units, the assured repurchase price for May 2003 is Rs 12 per unit. These special repurchase prices will also be available beyond May 2003 as well.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Accept these open offers

Max New York Life's Pension Plan

Dividend yields and value managers

A show of Caliber

The fall and fall of FII inflows

Liquidity counts, influence wanes

Hero and Honda — Fill it, shut it, forget it?

Pension reforms: Timely answer

Grasim/L&T: Needed, bold approach by institutions

And the nominees are...

Who can be a nominee?