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UTI Liquid Fund Mops up Over 1000 cr

UTI Liquid Fund, the first scheme of UTI Mutual Fund has mobilised over Rs.1,097 crore in first two days of initial offer period from June 23 to 24, 2003. This open-ended income scheme offers two plans - Liquid Cash Plan and Liquid Short Term Plan. Out of the total amount nearly Rs.778 crore under Liquid Cash Plan and rest Rs.319 crore under Liquid Short Term Plan.

The minimum investment is Rs.1,00,000/- under Liquid Cash Plan and Rs.30,000/- under Liquid Short Term Plan which is subject to a change. Subsequent minimum additional investment under both the plans is Rs.10000/-, without any upper limit. The scheme intends to initially declare dividend on a weekly basis and subsequently move to declare dividend on a daily basis. The sale of units will re-open from 27th June 2003 at NAV.