UTI Mutual Fund has announced that UTI Infrastructure Advantage Fund – Series – I will be merged into UTI Infrastructure Fund, with effect from January 14, 2011.
UTI Infrastructure Advantage Fund – Series – I, a 3 year close ended equity scheme launched in November 2007 is due for maturity on 17th January 2011.
Subsequent to the merger, the following changes would come into effect:
- The options (Growth or Dividend) will remain same in the merger scheme.
- After merger into UTI Infrastructure Fund, would result in no change to your wealth as an investor on the date of the merger. The UTI Infrastructure Advantage Fund – Series – I investors will be allotted units of UTI Infrastructure Fund as per the applicable NAV. UTI Infrastructure would have an increased investor base and corpus to the extent of switchover from UTI Infrastructure Advantage Series I.
- The conversion will be done at the NAV computed for UTI Infrastructure Advantage Fund Series – I and UTI Infrastructure Fund on 14th January, 2011
- If investors do not wish to continue, they will be given an option to redeem their existing units at prevailing NAV without any load from 16th December, 2010 to 14th January, 2011.
- At the end of the option period, all unit holders who have not redeemed their existing units in UTI Infrastructure Advantage Fund - Series I will be allotted units of UTI Infrastructure Fund.
The investment objective, asset allocation pattern, annual scheme recurring expenses, benchmark and other features of UTI Infrastructure Fund will remain unchanged after the merger.