PGIM India Mutual Fund on Tuesday said it has garnered Rs 578 crore through its small-cap fund.
The scheme's new fund offer (NFO), which was open for subscriptions between July 9 and July 23, received over 37,000 applications and was distributed by more than 3,000 partners, PGIM India Mutual Fund said in a statement.
The investment objective of the scheme is to achieve long-term capital appreciation by predominantly investing in equity and equity related instruments of small-cap companies.
"We are overwhelmed by the tremendous response the fund has received and I would like to thank all our investors and advisors for their support and belief in our fund house,''Ajit Menon, CEO of PGIM India Mutual Fund, said.
The fund will be benchmarked to Nifty Small Cap 100 total return index (TRI) and will invest a minimum of 65 per cent of its corpus in the small cap companies.
The scheme may also seek to participate in the growth of other equity and equity related instruments in order to achieve optimal portfolio construction.
PGIM India Mutual Fund is a wholly owned business of PGIM, the global investment management business of the US-based Prudential Financial, Inc.
