Reliance Equity Advantage Fund NFO collects Rs2,700 cr1 min read . Updated: 24 Jul 2007, 03:17 PM IST
Reliance Equity Advantage Fund NFO collects Rs2,700 cr
Mumbai: Anil Ambani Group firm, Reliance Mutual Fund has collected Rs2,700 crore through its new scheme, Reliance Equity Advantage Fund.
“The new fund offer (NFO) collected over Rs2,700 crore with over 5.3 lakh applications coming in from over 325 cities and towns across the country," a company release said here on 24 July.
“This is further affirmation of the strength of the Reliance brand name and of the immense confidence that it enjoys among investors across the country," Reliance Mutual Fund’s President Vikrant Gugnani said.
Gugnani attributed the success of the NFO to Reliance Mutual Fund’s strategy of rapidly expanding retail presence across markets where it had not earlier been present.
Reliance Mutual Fund has the highest asset under managment (AUM) among all the Indian mutual fund houses, as on 30 June its AUM was over Rs59,857 crore and had 32.8 lakh investors.