UTI MF floats on 90 days plan

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Updated: 01/10/2008 | 12:00 AM IST

Mutual fund

Capital Market

Wednesday, October 01, 2008 (New Delhi)

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UTI Mutual fund has opened initial offer of UTI Fixed Term Income Fund Series I-X on 1 October 2008. The new fund offer period will remain open for fresh subscription till 7 October 2008. The new offer price of units is Rs 10 per unit. The date of allotment will be 7 October 2008. The plan will open for redemption on 8 October 2008, which will mature on 5 January 2009.

It is a close-ended income scheme with an investment objective to generate regular returns by investing in portfolio of fixed income securities normally maturing in line with the maturity period of the plan.

The scheme offers investors retail and institutional with growth and dividend options. The minimum application amount for retail option under dividend sub option is Rs 10,000 and under growth sub option is Rs 5,000 and in multiples of Re 1 thereafter. The minimum application amount under institutional option is Rs 1 crore and in multiples of Re 1 thereafter.

The scheme will invest up to 0-90% in debt including securitised debt and 10-100% in money market instruments. The scheme may endow up to 100% in the securitised debt.

As the scheme is of close-ended nature, it is not applicable to entry load. The fund will ask 1% as an exit load for redemption before maturity.

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