UTI Mutual Fund has decided to convert Mastershare into an open-ended scheme, effective September 12, 2003. All the existing unit holders can exit at NAV during the exit option period of August 13, 2003 to September 11, 2003.
Mastershare, launched in 1986, was the first diversified equity scheme. Today it has Rs 1145 crores of assets under management. The fund has a good track record of pay outs with sixteen dividends, three bonus issues and two rights issues in its eighteen years of existence. The fund has given an 18.78 per cent return since launch.