SBI Magnum Taxgain Scheme 1993 declares 40% dividend

The Trustees of SBI Mutual Fund has declared dividend of 40%# under Magnum Taxgain Scheme 1993 - 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 5 March 2010*.

The amount of dividend will be 40% (Rs. 4 per unit) as on the record date. The Face Value of unit is Rs 10.

The NAV of Magnum Tax Gain Scheme - 1993 - Dividend was at Rs 41.3 as on 26/02/2010.

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.

Magnum Taxgain scheme 1993 is an open-ended equity linked savings scheme. The investment objective of the scheme are to deliver the benefit of investment in portfolio of equity shares, while offering deduction on such investments made in the scheme under section 80C of the Income Tax Act, 1961 and distribute income periodically depending on distributable surplus.

#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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