UTI MF To Unveil Products For PSUs

New Delhi: 20 UTI Mutual Fund will be unveiling new products specifically for public sector companies, which have been permitted by the Government, to infuse a part of their cash surplus in mutual funds. As per the existing rules, there should be at least 20 investors in a mutual fund and no single investor can have more than a 25 per cent stake. The Government in August permitted navratna and mini-navratna central public sector enterprises (CPSEs) to infuse up to 30 per cent of their cash surpluses in public sector mutual funds. The cash surplus with CPSEs is around Rs 3 lakh crore. UTI Mutual Fund is also expecting to mop up around Rs 4,000 crore via its latest infrastructure fund, of which Rs 400 crore is expected to come from overseas investors, especially West Asia. This is the largest new fund offer by the company before its proposed initial public offer that is expected by February next year.