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Mastershare unitholders to get dividend

MUMBAI AUG. 11. The UTI Mutual Fund has removed the condition for automatic reinvestment of dividend under Mastershare scheme folios with investment value below Rs. 20,000, giving investors a chance to receive dividend irrespective of the value of their investment.

The board of the UTI trustee company would meet on August 30 to consider a proposal for declaration of dividend to all unitholders of Mastershare scheme, UTI MF said in a release here today. Investors whose names appear on the books on September 18 would be eligible for dividend payout, the release said.

The earlier stipulation providing for automatic reinvestment of dividend for folios with investment values below Rs. 20,000 stands cancelled, it said.

Mastershare scheme investors have already been informed about the conversion of the scheme into an open-ended scheme from September 12, it said adding the unitholders could exercise the exit option from August 13 to September 11.

PTI

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