Us-64 Sales Flat, Redemptions Soar In February

Repurchases of Unit Trust of India's (UTI) flagship US-64 scheme increased in February, while sales remained stagnant.

The scheme witnessed a total redemption of Rs 155.20 crore, while sales stood at Rs 9.32 crore.

Repurchases of US-64 at an administered price of Rs 10.60 stood at Rs 145.26 crore in February, while net asset value (NAV)-linked repurchases touched Rs 9.94 crore.

UTI had begun NAV-linked US-64 sales since January 1. The total redemption of US-64 since August 2001 is pegged at Rs 835.91 crore. In January, UTI had witnessed repurchases worth Rs 230.71 crore. While repurchases under the special window at an administered price of Rs 10.50 stood at Rs 217.98 crore, NAV-linked repurchases stood at Rs 12.75 crore.

UTI had witnessed a total outflow of around Rs 450 crore between August and December 2001 on account of repurchases.

It may be recalled that UTI had banned fresh sale and repurchase of units in last July but allowed limited repurchases to retail investors. It also increased the number of redemptions under the special window at the administered price to 5,000 units from 2,000 units.

For March 2002, the repurchase price under the special window would be revised to Rs 10.70. US-64's NAV stood at Rs 6.40 on March 5.