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Our Bureau

Chennai , Sept. 23

SUNDARAM Mutual Fund announced the close of its new fund offer, Sundaram CAPEX Opportunites Fund today, declaring a corpus of Rs 635.25 crore.

The fund, which opened early in August, is expected to reopen for ongoing sale and purchase during the first week of October.

Mr T.P. Raman, Managing Director, Sundaram Mutual Fund, said: "The number of retail participants in the fund is very satisfying, as is the fact that we've broken ground in new areas in the North, West and the East."

When asked the reason for the fund's good performance, Mr Raman said: "Good product performance and a good amount of recognition are two contributing factors, and we have slowly grown our presence in the Northern region."

Mr Sanjay Santhanam, Vice-President, Marketing and Sales, Sundaram Mutual, said 50 per cent of the investment came from the North and West, while 30 per cent came from the South, and the remaining 20 from the East.

"Compared to other funds, we don't get as much from the North," Mr Santhanam admitted, "But we will wait, watch, and develop. Already, the participation is going up in the North and in the East."

According to a press release issued by the firm, the Sundaram CAPEX Opportunities fund intends to generate consistent long-term returns by investing predominantly in equity and equity-related instruments of companies in the capital goods sector.

The release also said the fund is the first in India to cash in on the capital goods boom, and with this fund, Sundaram Mutual's equity has crossed Rs 1,700 crore.

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