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UTI Equity Tax Savings Plan declares dividend

UTI Equity Tax Savings Plan (UTI-ETSP) has declared a tax-free dividend of 15 per cent (Rs 1.50 per unit on a face value of Rs.10).

Post-payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy if any.

The record date for the dividend is December 29, 2009.

All unit holders registered under the dividend option of UTI Equity Tax Savings Plan as on December 29, 2009 will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend.

The NAV per unit as on December 22, 2009 was Rs16.57 under the dividend option.

UTI-ETSP was launched in November 1999 as an open-ended equity oriented tax savings scheme that invests in equities, fully convertible debentures/bonds and warrants of companies.

Swati Kulkarni, Fund Manager of the scheme said, "UTI-ETSP invests with a long term perspective in companies that are believed to have growth potential."

About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

UTI Mutual Fund has assets under management (average) of Rs 79,895.22 crore and investor accounts of over 9.81 million under its 74 domestic schemes (as of November 30, 2009).