Financial Daily from THE HINDU group of publications
Thursday, Jul 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 08, 2004 |
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Markets
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Asset Management Companies Pru ICICI launches `Discovery Fund' Our Bureau
Mumbai , July 7 PRUDENTIAL ICICI AMC has launched Discovery Fund. The open-ended equity fund will invest in companies that are available at a discount to their intrinsic value. The initial public offer is open from July 9 to July 23at par value of Rs 10 per unit. The fund aims to provide long-term capital growth by investing primarily in a well-diversified portfolio of companies accumulated at a discount to its fair value, according to a company press release. The fund will invest between 80 per cent and 100 per cent in equity and equity-related instruments and up to 20 per cent in cash and money market instruments. The fund has an entry load of 2.25 per cent on investments below Rs 5 crore and nil for investments of Rs 5 crore and above, stated the release.
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