New UTI Mutual Fund to raise Rs2,000 cr

New UTI Mutual Fund to raise Rs2,000 cr
PTI
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First Published: Fri, Jul 06 2007. 06 23 PM IST
Updated: Fri, Jul 06 2007. 06 23 PM IST
Kochi: UTI Mutual Fund on 6 July said it was planning to raise about Rs 2,000 crore all over India from its new scheme, UTI-India Lifestyle Fund.
The fund, which opened on July 2, is hoping to cover about five lakh customers in the country by July 25 when it closes, Vice President, UTI Mutual fund, Gladston, said here.
The three-year close ended Equity oriented scheme, with an investment objective to provide long-term capital appreciation and income distribution from a diversified portfolio of equity and equity related instruments of companies that are expected to benefit from changing Indian demographics, Indian lifestyles and raising consumption pattern, he said.
Over the last few years, due to rising income levels Indian consumers are showing a marked preference for new products and services which deliver higher levels of quality than conventional items, fund manager Swati Kulkarni said.
This has changed the scale of demand for household goods and services like autos, home goods, telecom, consumer finance, leisure, entertainment, she said.
The minimum investment is Rs 5,000 without any upper limit.
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First Published: Fri, Jul 06 2007. 06 23 PM IST