"UTI-India Lifestyle Fund" targets to cap Rs 2000 crore

Chandigarh, July 06 (UNI) UTI Mutual Fund has set a target to mobilise Rs 2000 crore from capital market through its new "UTI-India Lifestyle Fund" which opened on July 2nd and will close on July 25.

Mr Amandeep Chopra, President(FM) said in a press conference here today that the fund is a three-year close-ended Equity Oriented scheme with an investment objective to provide long term appreciation from diversified portfolios of equities of companies that are expected to benefit from changing Indian demographics, lifestyles and rising consumption pattern.

The money mobilised from the capital market will be invested in selected equities of the lifestyle product companies such as automobile, house goods, retail, telecom, housing, tourism and fashion, he said adding that the plan was open to resident individuals, institutions as well as to NRIs and FIIs.

Mr Chopra said the minimum investment in the fund would be Rs 5000 at a purchase price of units of Rs ten each, thereafter in multiples of Rs one without any upper limit.

There will not be any entry load for the fund however, premature redemption would attract exit load on the rates prescribed by SEBI.

UNI