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Wednesday, July 01, 2009

Reliance Cap raises 23.5 bln rupees in infra fund

India's No. 1 mutual fund manager Reliance Capital Asset Management has raised 23.5 billion rupees in a new equity fund, a top executive said, the highest collection by a stock fund, since at least March 2008.

Reliance Infrastructure Fund, which closed for initial subscription last month, tapped 436,000 investors from about 1,000 cities, chief executive Sundeep Sikka told Reuters.

The mop-up, more than the collective assets gathered by all the stock funds launched in the last 12 months, also makes the product the third biggest infrastructure mutual fund in India.

Infrastructure as an investment theme has gained favour in India following a strong mandate to a Congress-lead government in April-May polls.

source: Reuters

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