A senior official from the Reliance asset management companies (AMC) said, We have received very decent response from the NFO and we think that it has collected Rs 2,500-3,000 crore. However, we will be announcing exact amount collected through the scheme within a few days.
This was an open-ended equity fund and was opened to public on May 27 and closed on June 23. The fund will invest significantly in equity and equity-related instruments of companies engaged in infrastructure and infrastructure-related sectors such as transport, banks and financial institutions, energy, power & oil, metals & minerals, telecom and urban infrastructure.
Officials also added that the fund will invest at least 65% of its assets in engineering, cement and power stocks as well as banks, whereas the balance will be invested in debt and money markets. The new fund had two offers - Retail and Institutional. The minimum investment in the fund was Rs 5,000 and in multiples of Re 1 thereafter for the Retail Plan and Rs 5 crore and in multiples of Re 1 thereafter for the Institutional Plan.Currently, Reliance AMC is country's top mutual fund, with asset under management of over Rs 6 lakh crore. Recently ICICI Prudential Target Returns Fund, an open ended diversified equity fund launched by ICICI Prudential AMC on April 15th, 2009, had collected over Rs 800 crore. The fund had seen a significant response from retail investors with almost 90% of the collection through retail participation. This is not the first time Reliance AMC has collected a huge amount.
Reliance Equity Fund had collected Rs 5,700 crore, while Rs 5,660 crore was raised by Reliance Natural Resources.