UTI Mutual Fund has launched the UTI Infrastructure Advantage Fund Series I, with the objective to invest predominantly in equity and equity-related instruments in companies engaged either directly or indirectly in the infrastructure growth of the country.
The new fund offer (NFO) for the three-year close-ended equity scheme opened on November 12 and will close on December 19. The scheme, which involves a minimum investment of Rs 5,000, is open to resident Indians, institutions, NRIs and FIIs.
“The scheme is aimed at building and maintaining a diversified portfolio of equity stocks within the infrastructure sector that has the potential to appreciate in the long run,” UTI AMC retail head D Mohanty said.
The scheme is expected to mop up Rs 3,000-3,500 crore across the country that will be invested in sectors like construction, energy, engineering, metal, power, telecom, transportation and airports.
The units can be purchased only during the NFO period at the face value of Rs 10. The duration of the scheme is three years from the date of allotment.
As on October 31, UTI Mutual Fund had assets under management of Rs 51,753 crore and investor accounts of over eight million under its 73 domestic schemes.
