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UTI receives repurchase applications of 22 mn units

Unit Trust of India has received 15,824 applications countrywide covering 22 million units of the US-64 scheme for a repurchase consideration of Rs 222 million in the first three days of the special package.

The average request for repurchase works out to around 1,405 units per investor, UTI said in a release in Bombay on Friday.

On August 1, which was the first day for the special package, UTI had received 3,865 applications covering 5.6 million units followed by over 4,700 applications on the next day.

Total outgo for the first two days worked out to Rs 140 million, UTI chairman M Damodaran had said adding, they expect the initial zest of small investors to avail this exit route to die down after four days.

Investors can apply for repurchases of upto a limit of 3,000 units under this exit route.

In the month of August, UTI has fixed the assured repurchase price at Rs 10 per unit, which would subsequently increase by 10 paisa every next month till May 2003.

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