Axis Mutual Fund's thematic fund collects Rs 3,400 cr in NFO period

Axis Mutual Fund on Friday said it has collected over Rs 3,400 crore from the New Fund Offering (NFO) of its manufacturing scheme.

Axis India Manufacturing Fund, an open-ended equity scheme, was open during December 1-15.

The thematic fund received robust participation from investor segments from over 500 locations in the country and garnered close to 1.5 lakh applications, Axis Mutual Fund said in a statement.

Further, fresh inflows accounted for nearly 70 per cent of the applications and the digital channel witnessed an overwhelming participation as well, contributing to nearly 20 per cent the total applications.

"A significant 10 per cent of the applicants opted for long-term investments through SIPs (Systematic Investment Plans). Almost 30 per cent of the investors who invested in the NFO were new to Axis Mutual Fund, advocating their faith in us," B Gopkumar, MD and CEO, Axis AMC, said.