Religare Mutual Fund has garnered Rs 229 crore of investor's money for its new fund, Religare PSU Equity.

The fund plans to invest in companies where the central/state government has majority shareholding or where the management control lies with the government.

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Saurabh Nanavati, CEO, Religare Mutual Fund said: "The period August - October has actually seen equity outflows from the industry - both from transaction perspective as well as assets under management of over Rs 3,900 crore moved out. But the fund still received 37,000 applications, including 7,000 applications for systematic investment plans."

The fund has received applications from 170 cities.

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