UTI extends closing date for Lifestyle Fund

NEW DELHI: UTI Mutual Fund on Tuesday extended the new fund offer (NFO) period of 'UTI India Lifestyle Fund' by five days to July 30, in the wake of mandatory PAN compliance issue.

"To provide investors additional time for complying with the mandatory requirement of applying for PAN, we have decided to extend the NFO period up to July 30," said UTI AMC Chief Marketing Officer Jaideep Bhattacharya.

The NFO, supposed to close on July 25, has the minimum investment limit of Rs 5,000.

The three-year close-ended equity oriented scheme has an investment objective to provide long-term capital appreciation from a diversified portfolio of companies that are expected to benefit form changing Indian demographics, lifestyles and rising consumption pattern.

Upon maturity, the scheme will automatically be converted into an open-ended scheme.

The scheme will offer redemption of units on an ongoing basis at half-yearly intervals at NAV-based prices.