UTI Fund declares 22 pc dividend on its banking sector scheme

NEW DELHI: UTI Fund today said it has declared tax-free dividend of 22 per cent on its banking sector scheme.

"The fund is positioned to capitalise opportunities emerging in the banking sector and is basically focused on large cap stocks," UTI Banking Sector Fund Fund Manager Arun Khurana said.

UTI Banking Sector Fund declares tax-free dividend of 22 per cent or Rs 2.20 per unit on face value of Rs 10 a share.

Pursuant to the payment of dividend, the Net Asset Value of the dividend option of the fund would fall to the extent of payout and statutory levy if any, the company said in a statement.

All unit holders registered under the dividend option of UTI Banking Sector Fund as on September 4, would be eligible for this dividend. Also investors who join the dividend option of the fund on or before the record date will be eligible for the dividend.

UTI Banking Sector Fund is an open-end equity oriented scheme, the release added.