Mumbai: UTI Mutual Fund has declared a tax-free dividend of 6 per cent (Rs.0.60 per unit on face value of Rs 10) in its UTI Dividend Yield Fund.
Pursuant to the payment of dividend, the net asset value (NAV) of the dividend option of the scheme concerned would fall to the extent of payout and statutory levy if any.
The record date for the dividend is August 2, 2006. The NAV per unit as on July 31, 2006 was Rs 11.21 under the dividend option.
This is the third dividend declared by the scheme since its launch in April 2005. Earlier the scheme had declared dividend on two occasions of 7 per cent (Rs 0.70 per unit on face value of Rs 10) each in October 2005 and February 2006 respectively.
All unitholders registered under the dividend option of UTI Dividend Yield Fund as on August 2, 2006 will be eligible for this dividend.
UTI-Dividend Yield Fund is an open-ended equity oriented scheme. The investment objective of the scheme is to provide medium to long-term capital gains and / or dividend distribution by investing predominantly in equity and equity related instruments, which offer high dividend yield.
"UTI Dividend Yield Fund is positioned as a conservatively managed diversified equity scheme that invests primarily in stocks with high dividend yield," fund manager of the scheme, Swati Kulkarni said.
"The scheme has a good mix of companies across various sectors and is well suited for investors with medium to low risk profile and with a long term investment horizon," she added.
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