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September 6, 2001
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UTI may transfer US-64 realty assets to DRF

Unit Trust of India is likely to transfer realty assets worth Rs 8.50 billion, accounted under its flagship US-64 scheme, to the Development Reserve Fund even as it plans to launch an open-ended monthly income plan scheme to provide liquidity to the investors.

The decision to shift the real estate assets was to reduce the cost burden on the US-64 and they were likely to be transferred to DRF, UTI executive director B G Daga told reporters after UTI top brass met representatives of investor organisations in Bombay on Thursday.

The current corpus of DRF was pegged at Rs 15 billion, he added.

"We will submit the application for monthly income plan to Securities and Exchange Board of India in two days time", Daga said adding the groundwork for the MIP was in place and the scheme will be launched immediately on getting the nod from the market regulator.

Daga said the investor organisations have sought a special scheme to switchover without incurring any loss.

Asked about the total redemption under limited repurchase window for US-64 investors, Daga said 100,000 investors have applied for redemption of units worth Rs 1.25 billion and average application comes to 1,200 units.

About 28 representatives from 14 investor organisations attended the meeting.

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