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Nifty BeES Announces Dividend


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Benchmark Mutual Fund has declared a dividend of Rs 3 for Nifty BeES unit holders. The record date for the dividend is August 21, 2003.

This is being done to distribute income received in the scheme and bring NAV close to 1/10th of Nifty Index. Thus after the payout of dividend, the NAV of Nifty BeES will fall to the extent of dividend payout.

Nifty BeES is an Exchange Traded Fund (ETF). It tracks the S&P CNX Nifty Index and is invested in all the 50 scrips, in the proportion of weightage given to them in the index. The minimum investment for taking index exposure through the Nifty BeES is only one unit (1/10th of Nifty).