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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 will close on December 18, 2014.
"We expect to raise a minimum of Rs 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 about 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.
During the NFO period, the units will be sold at a face value of Rs 10 per unit and the minimum investment is Rs 5,000.
In the recently launched UTI Focused Equity Fund Series I, the fund had mopped up about Rs 770 crore.
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