ICICI Prudential Unveils Real-Estate Securities Fund

Mumbai: ICICI Prudential has unviled 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 will infuse 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. The fund will predominantly infuse 51 per cent in high-yielding debt securities issued by companies that are associated with or benefiting from real-estate sector. The initial allocation of the fund will typically be 70 per cent in debt instruments and 30 per cent in equity.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.