SBI Mutual Fund on Monday announced that it had mobilised around Rs 3,600 crore in its New Fund Offer of SBI Dividend Yield Fund.
The NFO was opened on February 20, 2023 and closed on March 6, 2023.
With this the fund house said, it now commands over 25% share, the largest in the Dividend Yield category, which now has a total AUM of Rs. 13,844 crore.
New Fund Offer is like an IPO (Initial Public Offering) except that, IPO is marketed by a company trying to go public while NFO is marketed by a Mutual Fund to launch a new scheme.
Also Read: Outflows In Debt Mutual Funds Continue, Rs 13,815 Crore Withdrawn In Feb
The fund house recorded strong growth on the back of a strong promotion in regional languages, with around 1.23 lakh applications from 70% of pin codes in the country and around 40,000 new investors (new PAN registrations), a company statement said.
It added that 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.
SBI Dividend Yield Fund will reopen for subscriptions on March 17, 2023.
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