Six-Month Mopup By Uti Estimated At Rs 4,300 Crore

The Unit Trust of India (UTI) has achieved a turnaround in its collection figures during the last six months of its financial year, with total collection figures between January and June estimated to be in the region of Rs 4,300 crore.

The turnaround has come about mainly through income schemes which collected a record number of subscriptions on account of higher promised returns.

According to senior UTI officials, the collection figure as of December 31, 1996, was Rs 2,600 crore, which was about 42 per cent lower than the corresponding figure of Rs 4,500 crore on December 31, 1995.

Between January-May, 1997, the UTI schemes have already collected Rs 3,300 crore and it is expected that another Rs 1,000 crore would flow into UTIs coffers before its year-end (as against Rs 2,000 crore collected between January and June, 1996). While UTI had launched three schemes during January-June, 1996, (two income and one growth), it launched five schemes (three income, one growth, and one money market) between January and May, 1997.

 

The collection figures are in sync with UTIs internal estimates. G P Gupta, UTI chairman, had earlier said that UTI was aiming to raise close to Rs 1,500-2,000 crore through various schemes during April to June this year.

The total UTI mopup in 1995-96 amounted to Rs 6,500 crore and according to UTI estimates, collections during 1996-97 could cross the Rs 7,000 crore mark, which is around 7.6 per cent more than the collections last year.

The collection figure of the Institutional Investor Special Fund Unit Scheme (IISFUS), which closed on May 29, is expected to be around Rs 650 crore. The scheme, according to UTI sources, has already collected Rs 550 crore from high networth investors.

The collection figure of the Monthly Income Plan 97 (II), launched on April 24, is currently in the region of Rs 450 crore. The scheme is expected to collect around Rs 900-1,000 crore by June 7. UTIs MIP 97 had collected Rs 770 crore as fresh sales and another Rs 400 crore through roll-overs.

Apart from the phenomenal collections by the fixed income schemes, equity schemes like the UGS 2000 also added to UTIs kitty. The rights issue of the scheme is estimated to collect around Rs 230-250 crore.