Motilal Oswal Nifty India Defence Index Fund raises Rs 1,676 crore in NFO period
Motilal Oswal Nifty India Defence Index Fund collected Rs 1,676 crores during the New Fund Offer (NFO) period between June 13 and 27, Motilal Oswal Asset Management Company (AMC) said in a release on Thursday.
Units were allocated on July 3 in the newly launched defense-themed fund and the scheme will reopen for further subscription and redemption from July 9.
The AMC claimed that the NFO has set a new benchmark with the highest-ever collection by an equity index fund. «The Motilal Oswal Nifty India defense Index Fund, a unique offer, is India’s first defense index fund that offers exposure to defense stocks listed in India, allowing investors to participate in the significant growth potential of the defense sector,» the release said.
Commenting on the feat Motilal Oswal MD & CEO Prateek Agrawal said that the fund was poised to benefit from India's increasingly robust advancements in defense technology and infrastructure, and its investors will be an active part of India’s defense growth story.
The open-ended fund replicating/tracking the total returns of the Nifty India defense index has appealed to more than 2,48,000 unique investors from across 16,900 pin codes in India, and this is reflected in its granular and well-diversified client base.
MOAMC wishes to extend its heartfelt thanks to all the investors for their overwhelming response and continued trust.
It is an open-ended fund which is benchmarked against Nifty India Defence Index TRI.
The minimum application amount is Rs 500 and in multiples of Rs 1,
