Mumbai: ICICI Prudential Mutual Fund has decided to convert ICICI Prudential Fusion Fund – Series III into an open ended diversified scheme as the close ended scheme completes three years. The change will be from March 14, 2011.
After conversion into an open ended scheme, the scheme’s salient features will be changed are as follows:
Scheme Objective: To generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies across large, mid and small market capitalization.
Minimum Application Amount: Retail Option- Rs 5000 in multiples of Re 1 thereafter and Institutional Option- Rs 1 crore plus in multiple of Rs 1 thereafter
Option / Sub-options: It offers retail option and institutional option. Growth and dividend are sub-option under both the options.
Exit Load: The scheme will charge 1 per cent of exit load if units were redeemed within 1 year from the date of allotment
Investors, who do not agree with the revision, have an option to redeem or switch their units within 30 days starting from February 17, 2011, without paying any exit load.
