Mutual Fund News- Prudential ICICI Tax Plan Reopens
pruiciciamc.com
Saturday, August 28, 1999 (Express News)
Prudential ICICI Tax Plan reopens
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Mumbai, Aug 27: Prudential ICICI Tax Plan, which has reopened for subscription from August 23, has recorded a net asset value of Rs 11.58. Since its initial public offer on August 9, it has provided an absolute return of 15.8 per cent. Prudential ICICI Tax Plan is an open-ended equity linked savings scheme which invests 90 per cent of its assets and equity related securities with the rest in debt and money market instruments.
The main objective of the scheme is capital appreciation. The scheme is eligible for tax benefits, which allows investors a 20 per cent tax rebate for investments upto Rs 10,000. The minimum investment in the Tax Plan is Rs 500. After an initial lock-in period of three years, investors are free to withdraw part or all of their investments in the Tax Plan.
With representation in 15 locations and six open-ended products, Prudential ICICI Mutual Fund is now the second largest mutual fund in the private sector. Assets under management amount to over Rs 1900 crore (US$422 million) as against Rs 160crore in May 1998. The fund's products now includes three debt funds -- Liquid Plan, Income Plan and Gilt Fund, and three equity funds -- Growth Plan, FMCG Fund and Tax Plan. The fund also manages two closed-ended schemes -- ICICI Premier and ICICI Power. |
