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Baroda Pioneer PSU Equity mops up Rs 100 crore


Baroda Pioneer Mutual Fund has raised around Rs 100 crore through its new fund offer -- Baroda Pioneer PSU Equity Fund. The scheme was launched on September 13 and closed for subscription on Monday.
The fund will invest 65-100 per cent of the portfolio in stocks of public sector units (PSUs). It can also invest up to 35 per cent in debt instruments.
With the government looking to raise close to Rs 40,000 crore through PSU divestments in 2010-11 and many large PSUs ready with their initial public offers (IPOs) and follow-on public issues (FPOs), PSU theme is getting popular among mutual funds.
Earlier, this year in June, SBI PSU Fund collected Rs 683 crore. Last year, Sundaram PSU Opportunities Fund raised Rs 534 crore, while Religare PSU Equity Fund mopped up Rs 230 crore.
Religare PSU Equity since its launch October 2009 has given a return of 22 per cent, while Sundaram PSU Opportunities Fund has given a return of 20 per cent since its launch in December 2009.