According to the offer document of the AMC, the internal target was to retain up to Rs 200 crore with a minimum initial subscription of Rs 10 crore. According to analysts, in view of the volatility in the capital markets, the plunge in indices in the Southeast Asian markets, the depreciating value of the rupee and the negative sentiment of the FIIs, Prudential has accomplished a tremendous task.

With the equity markets in a turmoil and the interest rates rising, the fund managers at the mutual fund have decided to go in for value investment and not time-bound investment.

"Often when the markets have lost so much, itserves as an incentive for investors. It could also be because the investors are choosing the vehicle of mutual funds to enter into these markets," said Dileep Madgavkar, head, fixed income, Prudential ICICI Asset Management Company.

"The last few weeks have thrown up a huge amount of opportunities in the market and we will be able to pick up value stocks at lower levels. We plan to invest selectively and be concentrated in a few stocks to help us keep a focus and give high returns," said the head of equity, Prudential ICICI AMC, Shahzad Madon.

"The sectors that we are going to invest in would be oil and gas, software, pharmaceuticals and consumer goods," said Madon.

Shahzad Madon is also the fund manager of ICICI's existing schemes -- ICICI Premier and ICICI Power. Both these schemes have also come into the ambit of Prudential ICICI and have been undergoing restructuring. The mutual fund has brought down its holdings substantially in both the schemes. In view of the fact that the interest rates areslated to harden the fund manager plans to stay in short-term securities.