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Thanks to popularity of SIPs, individual investors now hold a higher share of MF assets at around 53 percent of total AUM as of December-end

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However, the pace of growth in folio numbers dropped in 2019 as compared to preceding three years. Industry experts attributed the trend to decline in investors account in debt oriented schemes as they were spooked by credit events in fixed income market.

The gradual shift of household savings away from physical to financial assets and the increasing share of MFs in part explain the stellar AUM growth

The offer for sale includes up to 3,72,93,371 equity shares by SBI and up to 9,32,33,427 equity shares by CA Rover Holdings.

The Rs 1,400-crore public issue was subscribed 62 percent despite extending the subscription period twice since its opening, and reducing the price band to Rs 71-77, down from Rs 72-77 earlier.

After the issue, government shareholding in the company will reduce to 74.96 percent from 90 percent.

The issue has received bids for 9.8 crore equity shares against offer size of 18.18 crore shares, the exchange data showed.

The Rs 1,400-crore further public offer (FPO) has received bids for 8.86 crore equity shares against offer size of 18.18 crore shares, as per data available on the NSE.

The reserved category for retail investors has seen subscription of 92 percent and that of qualified institutional buyers 49 percent and non-institutional investors 16 percent.

The company, in consultation with merchant bankers, extended the closing date for FPO by three more days.

The government#39;s shareholding will be reduced to 74.96 percent, from 90 percent currently after the issue.

The funds raised through FPO would be utilised for funding its working capital requirements as well as repayment of existing debt.

The company in its BSE filing on January 19 said the meeting of the board of directors of the company is scheduled on January 22 to consider and approve price band for FPO.