Birla Sun Life AMC garners Rs 781 cr via manufacturing scheme

Birla Sun Life Mutual Fund, a part of Aditya Birla Financial Services Group, today said it has garnered Rs 781 crore through its manufacturing sector scheme.
The scheme--Birla Sun Life manufacturing equity fund-- launched on January 13 is an open-ended scheme focused to tap the key potential of the Indian manufacturing story.
As per the fund house, the new scheme saw participation of 77,112 investors, of which around 36 per cent are from B15 markets (beyond top 15 cities).
In a statement, Birla Sun Life AMC said it "has raised Rs 781 crore under its New Fund Offer (NFO) - Birla Sun Life Manufacturing Equity Fund."

The scheme aims to generate long-term capital appreciation by predominantly investing in equity and equity related securities of companies engaged in manufacturing activity.
The performance of the scheme will be benchmarked to the performance of S&P BSE 500.

"We see improvement in Indian macro led by falling inflation driving reduction in interest rate; this in turn boosting investment and confidence for increased capital investments in the country.
"Our NFO presents investors a diversified equity fund, which channels the growth in Indian manufacturing for long-term wealth creation. The interest generated by our NFO is a great sign of increasing interest from the retail investor to benefit from the growth of the Indian economy," Birla Sun Life Asset Management Company CEO Balasubramanian said.

With Rs 1,07,968 crore of average assets under management (AUM) at the end of December 2014, Birla Sun Life is one of the leading fund house in the country.