Canequity Tax Saver Scheme declares Rs.6 (60%) dividend

The Board of Trustees of Canbank Mutual Fund declared 60% dividend in the Canequity Tax Saver scheme of the Fund. The face value of the units is Rs.10. The NAV of the scheme as on March 9, 2007 was Rs.20.52.

Pursuant to the payment of dividend, the NAV of the Scheme would fall to the extent of payout. The past performance of the scheme may or may not be sustained in future.

The Record Date for the purpose of distribution of dividend is 15th March, 2007. The books of the Scheme shall remain closed on 16th March, 2007 and there shall be no sale and repurchase of units on the book closure day. The first ex-dividend NAV after the book closure will be released for publication on 20th March, 2007.

All unit holders whose names appear on the register of unit holders of the scheme under its income plan, as on the record date, are eligible for the dividend. Investments under the scheme are eligible for deduction under section 80C of the Income Tax Act, 1961. The investments so made are locked-in for a period of three years from the date of allotment.

The dividend declared above is tax free in the hands of investors.

Source : Equity Bulls

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