Mumbai, April 10: The India Media, Internet and Communications Fund launched by Unit Trust of India has already raised its first tranche of funds, while the second tranche will be called within a period of three months, by which time funds from the first tranche would have been invested fully.With a total corpus of $60 million, it is an offshore fund, close-ended based in Mauritius. It is expected to go open-ended by June 2001. As the name of the fund indicates investments will be made in the stocks of media, Internet and communications related companies in the Indian market.
The shares of the fund will start trading on Irish Stock Exchanges from April 10 - according to a statement from UTI, the fund has evoked a lot of interest in countries such as Switzerland, France, UK, Italy, USA and the Middle East.
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