Kotak Mahindra Trustee Company Limited, the trustee of Kotak Mahindra Mutual Fund has approved the declaration of dividend under the dividend option of Kotak Tax Saver Scheme, an open ended equity linked savings scheme (ELSS).
The dividend has been declared as Rs. 0.10 per unit on face value of Rs.10 per unit on both the Non Direct Plan - Dividend Option and Direct Plan - Dividend Option.
The NAV of the Non Direct Plan - Dividend Option was Rs.17.354 and Rs.18.068 for the Direct Plan - Dividend Option as on December 23, 2014.
The Record date for the dividend has been fixed as December 30, 2014.
Dividend distribution is subject to the availability and adequacy of distributable surplus. Pursuant to payment of dividend, the NAV of the Dividend Option under the Scheme would fall to the extent of payout and statutory levy if any. The fund has a 3 year lock in period.
The investment objective of Kotak Tax Saver is to generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. Mutual fund investments are subject to market risks, read all scheme related documents carefully.