UTI Petro fund declares 80 pc dividend

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Mumbai, Oct 1: UTI growth sector fund, Petro, has declared a tax-free dividend of 80 per cent to its unit holders and the record date for the dividend has been fixed for October 3.

This will fetch Rs 8 each per unit on face value of Rs 10 for all unit holders as on October 3. This apart, the company will also give a bonus in the ratio of 3 units for every 2 units under the growth option, said company in a statement.

The UTI mutual fund had launched this scheme in May 1999 as an open-ended equity scheme. The fund has its main investment focus in equities and equity-related instruments of companies engaged in the area of oil and gas exploration and drilling, refining, petrochemicals, and constructing and managing pipelines.

UTI Mutual Fund has assets under management of Rs 41698.57 crore and investor accounts of over 8 million under its 72 domestic schemes as of August 31, 2007.


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