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UTI brings curtain down on US-64

Mumbai, May 31 (PTI): Curtains came down on Unit Trust of India’s 39-year-old US-64 scheme today with about 18 lakh unitholders being issued 6.75 per cent tax-free tradable bonds for which trading is scheduled to begin from June 16.

“The scheme will cease to exist in its current form and UTI-I, which manages US-64 assets, is sending bonds to unitholders,” UTI Mutual Fund president Madhav Kumar said.

The bonds issued for units would be traded on the National Stock Exchange and Over The Counter Exchange of India from June 16, Kumar said.

At present, the scheme has an asset base close to Rs 10,000 crore with substantial holding in leading companies such as Reliance Industries, ITC and oil PSUs.

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