UTI MF To Open 53 Branches In Next 3 Months

UTI Mutual Fund said it will open 53 new branches in the next three months across the country by utilising a part of proceeds from its proposed public offer which is likely to hit in February. Without giving the investment details, he said, the fund would come from the IPO proceeds which is likely to enter the capital market in February. Besides, the IPO proceeds would be utilised for technology upgradation and raising capital of its subsidiary UTI Venture, a venture capital arm of the fund house. The branch expansion would provide more access points to investors in the 450 districts across the country.