MUMBAI, November 4: The Unit Trust of India has received $70 million in subscription to its overseas PSU fund. UTI executive director Basudev Sen told The Financial Express that indications to this effect had been received on Tuesday morning.

Subscriptions have come from a broad base of investors from the UK, US, Hong Kong and Singapore. The monies are expected to come in within the next two days. Sen indicated that the monies will be invested without much delay. UTI officials said that the response has been very relieving considering that there had been a period of suspense last week, in the light of the turmoil in the global markets and the eastern markets in particular. The response must be more than satisfying for UTI, as the fund had initially targeted a corpus of $50 million. The minimum corpus was $30 million. "This response to our fund shows that the talk about India having to wait till January-February next year for fresh commitments by foreign investors does not seem to be quite true," said Sen. The fund will be closed for the next six months and thereafter it will go open-ended.