Mumbai: UTI Mastershare Unit Scheme, the country's first equity-oriented fund, today said it has declared tax-free dividend of 30 per cent (Rs 3 per unit on face value of Rs 10) under dividend option-existing plan and dividend option-direct plan.
Pursuant to the payment of dividend, the NAV of the dividend option-existing plan and dividend option-direct plan of the scheme would fall to the extent of payout. The record date for the dividend is November 8.
All unit holders registered under the dividend option-existing plan and dividend option-direct plan of UTI Mastershare Unit Scheme as on the record date will be eligible for this dividend, a UTI MF statement said.
Also, investors who join the dividend option-existing plan and dividend option-direct plan of the scheme on or before the cut-off time of the record date, will be eligible for the dividend, it added.
The NAV of UTI Mastershare Unit Scheme on November 2, under dividend option-existing plan was Rs 33.5784 and under dividend option-direct plan was Rs 34.2344.
The scheme was launched in October 1986 and it has completed 30 years of wealth creation. UTI Mastershare has a track record of 30 years of uninterrupted dividend
distribution across all market cycles, be it bearish or bullish. The scheme has also rewarded investors with bonus and rights on many occasions.
This scheme is an open ended equity oriented scheme having a corpus of Rs 3501.52 crore as on September 30 with over 5 lakh investor accounts.
"UTI Mastershare Unit Scheme invests predominantly in companies with large market capitalisation, whose earnings growth potential is better. Often, these large cap companies generate strong and sustainable cash flows, have cost advantage due to size and enjoy leading position in the market," UTI AMC fund manager Swati Kulkarni said.