UTI MF Unveils Close-Ended Infra Equity Scheme

Mumbai: UTI Mutual Fund has unveiled UTI-Infrastructure Advantage Fund-Series I, a three year close-ended equity scheme. This scheme targets to provide income distribution for medium to long term capital by infusing 65 per cent-100 per cent in equity and equity related instruments of companies engaged either directly or indirectly in the infrastructure sector and up to 35 per cent in debt and money market instruments including securitised debt.

The new fund offer (NFO) opens on November 12, and closes on December 19, 2007. The scheme offers both dividend and growth options and it is open to resident individuals, institutions as well as to NRIs and FIIs. The duration of the scheme is three years from the date of allotment. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter, without any upper limit and units can be purchased only during the NFO period at the face value of Rs.10 per unit. The scheme does not have an entry load, whereas an early exit charge equivalent to the unamortised NFO expenses will be recovered from the investor in case of redemption before the expiry of three years from the date of allotment.