PGIM India Mutual Fund on August 3 announced that it has garnered Rs 578 Crore through its new fund offer (NFO) Small Cap Fund, which opened for subscription between July 9 to July 23, 2021.
The NFO received over 37,000 applications and was distributed by more than 3,000 partners, PGIM official statement said.
PGIM added that investment objective of the scheme is to achieve long-term capital appreciation by predominantly investing in equity and equity related instruments of small cap companies.
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"We are overwhelmed by the tremendous response the fund has received and I would like to thank all our investors and advisors for their support and belief in our fund house," PGIM India Mutual Fund CEO Ajit Menon said.
Apart from this, US-based Prudential Financial Inc. (PFI)'s Indian arm said that the fund will invest a minimum of 65 percent of its corpus in the small cap companies. Also, the scheme may also seek to participate in the growth of other equity and equity-related instruments in order to achieve optimal portfolio construction.
"Investors are requested to note that the fund house has decided to limit the subscriptions in the ongoing offer of PGIM India Small Cap Fund by way of fresh/additional purchases, switch ins, Systematic Investment Plan, Systematic Transfer Plan and other facilities/special products offered under the Scheme to Rs 10 Lakhs per application/per installment with effect from August 2, 2021 until further notice," the statement noted.
The fund is managed by Aniruddha Naha, Kumaresh Ramakrishnan and Ravi Adukia for equity investments, for debt and money market investments and for overseas investments, respectively.
Headquartered in Mumbai, PGIM India Mutual Fund has a presence in 27 cities across the country, including branches in Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Pune.
PGIM India Asset Management is the full service investment manager of PGIM India Mutual Fund, offering a broad range of equity and fixed income solutions to retail and institutional investors throughout the country.
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