UTI Mid Cap fund declares tax free dividend of 30 pc

Mumbai, Aug 16 (UNI) UTI Mid Cap fund has declared a tax free dividend of 30 per cent, Rs three per unit, on face value of Rs 10.

Pursuant to the payment of dividend, the net asset value (NAV) of the dividend option of the fund concerned would fall to the extent of payout and statutory levy, if any, a release issued today said.

The record date for the dividend is August 18.

All unit holders registered under the dividend option of UTI Mid Cap fund as on August 18 will be eligible for the dividend.

Investors who join the dividend option of the fund on or before the record date will also be eligible for it.

The NAV per unit as on August 14 was Rs 19.30, under the dividend option.

UTI Mid Cap fund was launched in March, 2004 as an open-end equity fund. It is one of the six funds launched under the UTI-Thematic fund with an investment objective to provide investors benefits of capital appreciation and income distribution by investing primarily in mid cap stocks.

UTI fund manager Chandraprakash Padiyar said, ''UTI Mid Cap fund is positioned as an aggressively managed equity fund. The portfolio of the fund consists of companies which are a part of the S