UTI's MNC Fund has declared tax-free dividend of 25 per cent (Rs 2.50 per unit on face value of Rs 10) today under the dividend option existing plan and dividend option direct plan.
Pursuant to the payment of dividend, the net asset value of 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 25, 2014, a company release said.
All unit holders registered under the dividend option existing plan and dividend option direct plan on the record date would be eligible for this dividend, as well as 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, the release said.
The NAV of UTI's MNC Fund on November 19, 2014 under dividend option existing plan was Rs 80.4839 and under dividend option-direct plan was Rs 81.5432.
UTI's MNC Fund is an open-ended equity scheme, which was launched in April 1998. The funds collected under the scheme shall be invested predominantly in stocks of multinational corporations (MNC) and other liquid stocks.
The funds collected under the scheme shall be invested in equities and equity-related instruments. The risk profile of the investment could be high.
"UTI's MNC Fund predominantly invests in companies which are forming a part of CNX MNC index and where more than 25 per cent of the holding is by the MNC parent and/or where foreign institutional investor or foreign direct investor (FDI) and MNC parent combined holding is more than 50 per cent.
"The fund provides investors diversification opportunity due to its differentiated sector and stock weights," UTI MNC Fund's manager Swati Kulkarni said in a media statement.
