The Unit Trust of India has redeemed its MIP 95 scheme at the current NAV of Rs 6.56 for the monthly options and Rs 15.77 for its cumulative option. Launched in 1995, this scheme came up for redemption on June 30, 2002. The monthly option has paid an aggregate dividend of 64.25% till March 31, 2002.
This for the second time that UTI has faltered on redeeming any MIP at its par value. Last year, the monthly option of MIP-96 (IV) was redeemed at Rs 8.37 on December 31, 2002.