Birla Sun Life MF garners Rs. 89 cr via Focused Equity Fund

India Infoline News Service | Mumbai |

hese funds saw interest from over 7500 investors, of which nearly 45% were new to BSLMF.

Birla Sun Life Asset Management Company Limited, a part of Aditya Birla Financial Services Group (ABFSG), and investment manager for Birla Sun Life Mutual Fund (BSLMF), has raised close to INR 89 crores under its New Fund Offers – Birla Sun Life Focused Equity Fund Series 1 and Series 2. These funds saw interest from over 7500 investors, of which nearly 45% were new to BSLMF.
Speaking on the success of the new fund offers, Mr. A. Balasubramanian, CEO, Birla Sun Life AMC said, “Our experience with the RGESS eligible NFOs has been very encouraging. True to the purpose of RGESS, the response we have received is a welcome sign of interest in equity mutual funds from the retail investor. As a fund house, the focus of our investment philosophy remains on people, processes, and product to ensure true-to-label fund management and delivery of consistency in experience to our investors. We look forward to provide our investors with sharp product propositions offering them good avenues for wealth creation.”
Birla Sun Life Focused Equity Fund Series 1 and Series 2 are close-ended Equity Schemes investing in Eligible Securities as per Rajiv Gandhi Equity Savings Scheme, 2013. Both funds invest in equity securities specified as ‘eligible securities’ under the RGESS guidelines which include equity shares of (a) companies falling in list of BSE 100 and CNX 100 and (b) PSUs which are categorized as Navratna, Maharatna or Miniratna by the Central Government. The additional Tax benefit u/s 80 CCG, with a higher income eligibility of upto Rs. 12 Lakhs per annum offered by these funds make them a meaningful opportunity for first-time investors.
The fund house has met with similar success in their previous equity NFO - Birla Sun Life Banking and Financial Services Fund launched in November 2013 as proxy to the Indian economic growth. The fund raised close to Rs. 165 crores through over 22,000 investors, over 7400 of who were new to BSLMF. The suitability of BSLMF’s new product offerings have helped the house strategically build Equity portfolio.


 

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