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Pioneer ITI Announces Dividend in Three Equity Funds

Pioneer ITI Mutual has announced dividends in three of its equity funds - Bluechip Fund, Prima Fund and Prima Plus Fund. The record date for the same is March 18, 2002.

Currently, equity funds are not liable to pay any dividend distribution tax. But, after March 31, 2002, a TDS of 10 per cent will be deducted from the dividend amount. Thus, this is the last opportunity for equity funds to reward investors with extravagant dividends. And with the current declaration, Pioneer ITI has taken a lead in doing so.

Pioneer ITI Bluechip Fund has declared a dividend of 10 per cent (Rs 1 per unit). This will be the sixth dividend payout from the fund since its launch in November 1993. It paid its last dividend of 22.5 per cent in March 2001.

A dividend of 20 per cent (Rs 2 per unit) has been declared in the Prima Plus Fund. However, it is lower than its last payout of 25 per cent declared in January 2001. Pioneer ITI Prima Fund has declared a dividend of 30 per cent (Rs 3 per unit). This is the fourth dividend from the fund. The current payout is higher than its last dividend of 25 per cent declared in January 2001.

An exit load of 0.50 per cent will be applicable for investments made in the dividend plans of these schemes from March 7, 2002 to March 18, 2002 and redeemed on or before June 28, 2002.