The cash balances of equity mutual fund schemes dropped from Rs 1.85 lakh crore in July to Rs 1.76 lakh crore in August as several AMCs capitalized on block deal opportunities, according to a report by Nuvama Institutional Equities. Motilal Oswal MF led the deployment and deployed around Rs 6,300, as its midcap scheme participated in Eternal’s Ant Block, bringing its cash down from Rs 8,200 crore to Rs 2,000 crore, it said and added this was followed by SBI MF and ICICI Prudential MF, which deployed Rs 3,100 crore and Rs 1,900 crore respectively, reflecting a broader shift toward equity allocation.