ICICI Prudential Mutual Fund is planning to launch a new open-ended 'ICICI Prudential Dividend Yield Equity Fund'.
The new fund offer will open for subscription on April 25 and close on May 9, 2014, a company release said.
As per the fund house, the new scheme aims to provide medium to long-term capital gains and dividend distribution by investing in a well-diversified portfolio of predominantly equity and equity related instruments that offers attractive dividend yield.
"Companies with a good track record of paying high dividends yields are seen as better investment options. Investing in such companies is also one of value investing strategies," Nimesh Shah, Managing Director & CEO, ICICI Prudential MF, said.
The fund house also said the scheme will invest mostly in those companies that have dividend yield greater than the dividend yield of CNX Nifty Index at the time of investment.
ICICI Prudential MF has an average assets under management of Rs 1.06 lakh crore by the end of last fiscal.