Birla Sun Life MF raises Rs 89 cr from new equity schemes

Birla Sun Life Mutual Fund, a part of Aditya Birla Financial Services Group, has raised close to Rs 89 crore from its new schemes - Birla Sun Life Focused Equity Fund Series 1 and Series 2.

As per the fund house, the new schemes saw participation of over 7,500 investors, of which around 45% are new investors.

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, a company release said here.

"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 retail investors," Chief Executive Officer of Birla Sun Life AMC, A Balasubramanian said.

With close to Rs 90,000 crore of average assets under management (AUM), Birla Sun Life is the fourth largest fund house in the country and the seventh largest MF in terms of equity assets.