Motilal Oswal Asset Management Company has collected ₹1,676 crore through the new fund offer of its Nifty India Defence Index Fund which closed for subscription on June 27.
The scheme will reopen for further subscription and redemption from July 9. More than 2.48 lakh unique investors from across 16,900 pin codes have participated in the NFO.
The first defence index fund offers exposure to defence stocks listed in India, allowing investors to participate in the significant growth potential of the defence sector.
Prateek Agrawal, MD & CEO, Motilal Oswal AMC said the country’s strides towards Atmanirbharta (self reliance) in defence is paving the way for significant growth and this fund will benefit from robust advancements in defence technology.
The open-ended fund will replicate the total returns of the Nifty India Defence index.