NEW DELHI, March 13 (PTI): SBI Mutual Fund on Monday said it has mobilised around Rs 3,600 crore in its New Fund Offer (NFO) for a dividend yield fund offering, giving it a market share of over 25 per cent in the segment.
The fund house collected the amount on the back of a strong promotion in regional languages, with around 1.23 lakh applications from 70 per cent of pin codes in the country and around 40,000 new investors.
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The NFO of SBI Dividend Yield Fund was opened during February 20 to March 6, and it will reopen for subscriptions on March 17, the company said in a statement.
With this fund collection, SBI Mutual Fund now commands over 25 per cent share, the largest in the Dividend Yield category, which now has a total assets under management of Rs 13,844 crore.
The fund house believes that the category has a lot of potential and dividend yield funds should be part of an investor’s portfolio, especially those looking to invest directly in equity or looking for a regular cash flow from dividends.
