UTI-MNC Fund declares 25 pc tax-free dividend

MUMBAI: UTI-MNC Fund, a mutual fund scheme investing mostly in equities and equity-related instruments of multinational corporations, on Wednesday announced a dividend of 25 per cent for its investors.

The tax-free dividend of Rs 2.50 per unit on face value of Rs 10 would be given to unitholders as on the record date of July 28, a company statement said here.

"UTI MNC Fund has invested in companies with high return on equity and strong fundamentals... most of the other pure equity funds may not have exposure to MNC stocks in large proportion," Fund Manager Swati Kulkarni said.

UTI-MNC Fund is an open-ended equity scheme, which was launched in April 1998. All unitholders registered under the dividend option of UTI-MNC Fund as on July 28 will be eligible for this dividend.

The net asset value per unit as on July 21, 2008, was Rs 23.59 under the dividend option.