60% dividend in HDFC Tax Saver Fund

The Trustees of HDFC Mutual Fund has declared dividend of 60%# under the scheme HDFC Tax Saver Fund - Dividend Option (an open-ended equity linked savings scheme with a lock-in period of 3 years.) as on the record date.

The record date for entitlement of dividend has been fixed as Thursday - March 4, 2010*. The Amount of dividend is Rs 6 per unit (60%). The face value of unit is Rs 10.

Pursuant to payment of dividend, the NAV of the Dividend Option of the above Scheme would fall to the extent of payout and statutory levy, if any.

Income distribution / Dividend will be paid to those Unit holders whose names appear in the Register of Unit holders under the Dividend Option of the aforesaid Scheme on the record date (including valid purchase / switch-in applications received till 3.00 p.m. in respect of the aforesaid Scheme, on the record date, subject to realisation of cheques / demand drafts).

With regard to Unit holders under the Dividend Option of the aforesaid Scheme, who have opted for Dividend Reinvestment facility, the dividend due will be reinvested by allotting Units for the Income distribution / Dividend amount at the prevailing ex-dividend NAV per Unit on the record date.

The NAV of HDFC Tax Saver Fund - Dividend Option as on February 25, 2010 was Rs 59.547 (per unit).

#The dividend will be subject to the availability of distributable surplus and may be lower to the extent of distributable surplus available on the Record Date.

* or the immediately following Business Day if that day is not a Business Day.

Source : Equity Bulls

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