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UTI-I to offload part of equity portfolio
MUMBAI,
FEB. 9.
The Specialised Undertaking of UTI (SUUTI or UTI-I) will liquidate part of its Rs. 10,000 crore equity portfolio in the booming stock market to make provision for repayment to assured income scheme investors.
SUUTI, which was formed to look after assured return schemes including US64 of Unit Trust of India in 2003, has a total asset base worth Rs. 30,000 crores, including real estate and government debt paper, UTI-I administrator, S. B. Mathur, told reporters here.
Taking benefit of upsurge in the share market, UTI-I would offload part of equity holdings to make funds available for repayment obligation, Mr. Mathur said.
The market operations (sale of shares) would be carried out without disturbing the upbeat mood in the stock market, he added.
Asked about returning funds to the Government, which had formulated assistance package after UTI crisis in 2001, he said the undertaking was in discussion with the Centre. — PTI
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