Masterplus to be open ended

MUMBAI, July 25: Unit Trust of India (UTI) has decided to convert MasterPlus 91 (MasterShare Plus Unit Scheme 1991), a close-end seven year growth fund, into an open ended scheme. Launched in December 1991, it is listed on 19 stock exchanges in the country.

The scheme has an outstanding unit capital of Rs 909.76 crore and an investor base of more than 17 lakh unitholders. The scheme, as per its original provisions, was scheduled for redemption on March 1, 1999. As the scheme would be open-ended from October 1, 1998, it would benefit the investors in a significant way. Sales and repurchase at NAV-based prices will be open throughout the year and hence investors can invest in the scheme on a regular basis throughout the year. The NAV of the scheme stands at Rs 20.09 as on July 15, 1998.