'UTI-India Lifestyle Fund' targets to cap Rs 2,000cr

Chandigarh, July 6 (UNI) UTI Mutual Fund has set a target to mobilise Rs 2,000 crore from capital market through its new 'UTI-India Lifestyle Fund' which opened on July 2, and will close on July 25.

''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,'' UTI President (Mutual Fund) Amandeep Chopra today said.

The money mobilised from the capital market will be invested in selected equities of the lifestyle product companies such as automobiles, household 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 5,000 at a purchase price of units of Rs 10 each, thereafter in multiples of one rupee, 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, he added.

UNI