Scheme to bail out US-64 investors

By Our Special Correspondent

MUMBAI, JULY 15. The Unit Trust of India (UTI) today announced measures to bail out small investors holding up to 3000 units in its flagship scheme Unit Scheme-64 (US-64). It has also decided to make the scheme Net Asset Value(NAV)-based from January 1, 2002.

After the meeting of its Board of Trustees, here, the newly- appointed chairman, Mr. M. Damodaran, said all investors holding up to 3000 units of US-64 scheme as on June 30, 2001 could avail of repurchase facility from August 1, 2001 to May 31, 2003.

The repurchase price in August would be at the face value of Rs 10 per unit. Thereafter, the repurchase price would be increased by 10 paise every month. Fresh sales of US-64 units would begin only from January 1, 2002 at NAV-linked price.

Investors in the 3000 slab, thereafter can have the option of availing the repurchase facility at the then prevailing NAV-based price or the administered price announced now. They will be eligible for dividend as may be declared. From January 1, 2002, investors are free to buy and sell any number of units at the NAV-based price.

Send this article to Friends by E-Mail

Section  : Front Page
Previous : Casuals all the way
Next     : Missile intercepted in successful test