Sundaram MF raises Rs. 650 crores from Sundaram Bluechip Fund
Sundaram MF has launched a new fund offer on 17th September. The name of the fund is Sundaram Bluechip Fund. The Mutual Fund has raised around Rs. 650 crores through this offer. The fund was closed for subscription on 1st October. As of the news, Sundaram’s new NFO will reopen for bidding on 14th October.
Besides, the fund will invest predominantly in large-cap blue-chip stocks.
As of the reports, the new NFO collected higher funds as compared to the Sundaram MF’s other schemes in the last year such as Sundaram Equity Fund and Sundaram Balanced Advantage Fund.
The MF had launched Sundaram Equity Fund in September 2019. At that time, it had earned Rs. 358.95 crores. On the other hand, Sundaram Balanced Advantage Fund had raised Rs. 485.12 crores in March 2020.
According to the source, the NFO has received funds from around 46,000 investors across 562 cities even in the COVID pandemic.
Moreover, the fund was received around 60% of investments through the digital mode. On account of, the MF has introduced a digital-first approach for marketing and execution of the investment process.
The main objective of the scheme is to expand its business in the next years via a Digi-Retail Strategy.
A source said that fund house had held on social programs like ads networks, industry-relevant seminars, other sources for bringing the investors through live webinars.
Moreover, the MF initiated a merchant inaugurated program for offering an easy method to the investors. On the other hand, the Fund received investments via direct, different online platforms and from their existing distributors.