No Us-64 Redemption Pressure On Day One

The UTI brass, which must have kept their fingers crossed for most part of July, found their prayers answered as the expected rush of investors, intent of redeeming their units in US-64 scheme, did not materialise. At the end of Day One, only 3,865 applications were received, covering 56.39 lakh units, the UTI said in a late evening press release.

The special repurchase window for redemption of US-64 units opened today with a special price of Rs 10 per unit. UTI had decided to freeze sales and repurchases in US-64 were on July 2.

Meanwhile the US-64 units closed Rs 0.50 higher on the NSE, at Rs 9.25, with traded volumes of 45,710 units. Though the closing price still represents a 7.5 per cent discount over the official redemption price of Rs 10, dealers said the lack of redemption pressure reflected in the US-64 price inching up higher.