UTI Mastershare fund declares 22 per cent dividend

UTI Mutual Fund on Friday declared a tax-free dividend of 22 per cent for the UTI Mastershare Unit Scheme.

It is the 25th consecutive dividend declared under the scheme, a statement said.

The record date for the proposed dividend is October 31, and all unit holders registered under the dividend options as on October 31, would be eligible for dividend.

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As on October 25, the NAV per unit of the scheme was Rs 27.54 under the dividend option.

"The UTI Mastershare Unit Scheme follows a disciplined approach to investments and has maintained a stream of annual dividends by booking profits regularly.

"The scheme is managed conservatively by investing predominantly in fundamentally strong large cap companies, and maintaining a diversified sector and stock allocation," Equity Fund Manager Swati Kulkarni said in the statement.

UTI Mastershare Unit Scheme is an open-ended equity-oriented scheme. The investment objective of the scheme is capital appreciation and income distribution through investment in equity and equity-related instruments.

As of September 30, UTI MF manages average assets of Rs 62,579.86 crore.