Kochi, Nov 15: UTI Mutual Fund today announced the launch of the UTI Infrastructure Advantage Fund-Series I, with an objective to invest predominantly in equity and equity-related instruments in companies engaged either directly or indirectly in the infrastructure growth of the country.
The NFO for the three year close-ended equity scheme opened on November 12, will close on December 19, 2007.
The scheme with a minimum investment of Rs 5,000 is open to resident individuals, institutions, NRIs and FIIs, said Marketing and Sales President Madahavakumar here.
''The scheme aims to build and maintain a diversified portfolio of equity stocks within the infrastructure theme that has the potential to appreciate in the long run, he said.
The scheme, expected to garner Rs 3,000 to 3,500 crore from across the country, will be invested in sectors like construction, energy, engineering, metal, power, telecom, transportation and airports.
The units could be purchased only during the NFO period at the face value of Rs 10 and the duration of the scheme is three years from the date of allotment. UTI Mutual Fund has assets under managemnt of Rs 51,753 crore and investor accounts of over eight million under its 73 domestic schemes as on October 31, 2007.