UTI Mutual Fund on Monday said that it proposes to launch a new closed ended equity scheme 'UTI-Focussed Equity Fund-Series I'.
The New Fund Offer will open for subscription on August 13 and will close on August 27.
The fund house hopes to garner at'least Rs 500 crore through this new scheme, whose primary objective is to generate long-term capital appreciation by investing predominantly in equity and equity related securities of listed companies.
The scheme would be investing in a compact portfolio of up to 30 securities, said Anoop Bhaskar, Head-Equity, UTI Asset Management Company Ltd.
UTI Mutual Fund had last launched an equity fund (UTI Wealth Builder) in 2008, said officials from the fund house.