UTI MF to tap Rs 500 cr via new equity fund scheme

 UTI Mutual Fund aims to raise about Rs 500 crore from its new close ended equity fund product that will open for subscription on August 13 to 27 2014.

UTI Mutual Fund Head Equity Anoop Bhaskar said, “It is a 1,100 days (three years) equity oriented scheme that will invest in a compact portfolio of 30 securities.”

“The primary objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity related securities of listed companies...The scheme will normally hold up to 30 stocks in the portfolio,” the company said.

The minimum amount of investment is fixed at Rs 5,000 and in multiples of Re 1 thereafter. The closed ended ‘UTI Focussed Equity Fund-Series 1 (1100 days)’ is the NFO.

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