SBI One India Fund has raised over Rs 1,900 crore. The NFO closed on December 22, 2006
17-Jan-2007 •Research Desk
SBI Funds Management's latest equity offering - SBI One India Fund has raised over Rs 1,900 crore. SBI One India Fund is a three-year closed end which will mature on January 15, 2010. However, the fund offers daily repurchase based on NAV from January 19, 2007.
SBI One India Fund has an interesting mandate. It promises long-term growth in capital through an active management of investments in companies based in four regions of the country - east, west, north and south. The equity exposure in each region will be a minimum of 15 per cent and a maximum of 55 per cent. The fund will also invest in debt and money market instruments. It performance benchmark is the BSE 200 index.
This is the third fund from the AMC to have raised close to Rs 2,000 crore in the last two years. The Multi Cap fund, launched in September 2005, was its first equity fund to mop up Rs 2,010 crore. Its next offering-SBI Bluechip also raised a massive Rs 2,850 crore in January 2006.
These big-ticket collections had catapulted SBI's equity assets to over Rs 9,500 crore by the end of December 2006. And after adding the amount raised under SBI One India Fund, the fund house might edge past HDFC Mutual Fund to become the fourth largest in terms of equity assets behind Reliance Mutual Fund, UTI Mutual Fund and Franklin Templeton Mutual Fund.