SBI Mutual Fund announces 40 pc dividend

REEP THOSE DIVIDENDS: SBI Mutual Fund has declared a dividend of 40 per cent.

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New Delhi: SBI Mutual Fund has declared a dividend of 40 per cent (Rs 4 per unit on face value of Rs 10) in its open-ended Sector Fund - SBI Magnum IT Fund.

The investment objective of the scheme is to provide the investors maximum growth opportunity through equity investment in stocks of growth oriented sectors viz. IT.

The record date for the same has been fixed as July 4, 2007. All investors registered under the scheme as on July 4, 2007 will receive this dividend.

Please note that dividend as decided shall be paid, subject to availability of distributable surplus. Pursuant to payment of dividend, the NAV of the schemes would fall to the extent of payout and statutory levy (if applicable).

This is the second dividend declared by the scheme. The last dividend declared was in March 2000, the fund had declared a 40% dividend and a bonus of 1:2.

SBI Mutual Fund is one of the largest mutual funds in the country with an investor base of over 3.5 million.

A joint venture between the State Bank of India and Société Générale Asset Management, SBI MF is one of the world's leading fund management companies that manages over $330 billion worldwide.

With excerpts from a moneycontrol report

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