SBI Magnum Taxgain Scheme 1993 – PART 2. (DIVIDEND)

SBI Mutual Fund Trustee Company Private Limited, Trustees to SBI Mutual Fund have approved dividend in Magnum Taxgain Scheme 1993, an open-ended equity linked savings scheme.

The quantum of dividend per unit is Rs 11 on the face value per unit of Rs 10 and the record date of dividend is February 15, 2008.

Pursuant to payment of dividend, the NAV of the scheme/option would fall to the extent of the payout and statutory levy, if applicable.

SBI Mutual Fund has announced a dividend of 110% (i.e. Rs 11 per unit on the face value of Rs 10) in its open-ended equity linked savings scheme – SBI Magnum Tax Gain Scheme. The objective of the scheme is to deliver the benefits of investment in a portfolio of equity shares, while offering tax rebate on such investments made in the scheme under section 80 C of the Income tax Act, 1961. (Check out Recent SBI MF Dividends).

The record date for the same has been fixed as February 15, 2008. All investors registered under the dividend option of the scheme as on February 15, 2008, will receive this dividend. Please note that dividend as decided shall be paid, subject to availability of distributable surplus. The NAV under the dividend plan of the scheme as on February 11, 2008 was Rs 55.13.

The last dividend declare by the scheme was 110% in March 2007. Over the last one year SBI Magnum Tax Gain Scheme has yielded 22.3% as against 23.9% given by its benchmark BSE 100, as on February 11 2008.

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