PGIM India Mutual Fund has raised Rs 578 crore through NFO of its Small Cap Fund. It was open for application from July 9 to July 23, 2021. The company issued a statement saying that the NFO received more than 37,000 applications and it was distributed by more than 3000 partners. The objective of this scheme is to achieve long term capital gains by investing primarily in small cap companies and equity related investment options.
According to the statement, the fund is being managed by Aniruddha Naha (for equity investment), Kumaresh Ramakrishnan (for debt and money market investments) and Ravi Adukia (for foreign investment). Ajit Menon, CEO, PGIM India Mutual Fund said that they are overwhelmed by the overwhelming response to the fund and would like to thank all our investors and advisors for their support and trust in their fund house.
The benchmark index of PGIM India Small Cap Fund is Nifty Small Cap 100 Total Return Index, the statement said. And the investment strategy of the scheme is to seize the opportunities available in the small cap segment. The fund will invest at least 65 per cent of its corpus in small cap companies. One can try to participate in the development of other equity and equity related schemes in the scheme to build a good portfolio.
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According to the statement, the company has requested the investors that the fund house has decided that the on-going offer of PGIM India Small Cap Fund would include new/additional purchase, switch in, systematic investment plan, systematic transfer plan and other features/specialties. The products under this scheme will be limited to Rs.10 lakh per application/per installment from August 2, 2021 till further notice.