News: UTI plans to raise Rs 1000 cr via wealth builder fund

(ACERC 18/09/2006) Mumbai - UTI Mutual Fund (MF) plans to raise over Rs 1,000 crore through its new scheme UTI-Wealth Builder Fund launched on September 7. The scheme will close on October 11, 2006. Units can be purchased only during the new fund offer period - from September 7, 2006 to October 11, 2006.

UTI-Wealth Builder Fund is a close-ended equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme. The objective of the scheme is to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related instruments and will invest up to 65 -100 per cent in debt, while 0-35 per cent will be done in money market instruments.