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UTI Mutual Fund proposes to launch a new close-ended equity scheme — UTI Focused Equity Fund Series II. The new fund will mature in 1,102 days or three years. The new fund offer will open for subscription on December 4 and close on December 18.
“We expect to raise a minimum of ₹500 crore from this new fund offer,” said Karan Singh, EVP and Country Head — Banks and National Distributors, UTI MF. He said the new fund will mirror the UTI Opportunities Fund.
The main objective of the scheme is to generate long-term capital appreciation and it will invest 80-85 per cent of its proceeds in a compact portfolio of 30 stocks that would largely consist of the top 25 stocks of the UTI Opportunities Fund portfolio, Singh said. The units will be sold at a face value of ₹10 a unit and the minimum investment is set at ₹5,000.
In the recently launched UTI Focussed Equity Fund Series I, the fund had mopped up about ₹770 crore.
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