Birla Dividend Yield Plus sets 30 May for dividend declaration

Mumbai: Birla Sun Life AMC, a joint venture company of the Aditya Birla group and Sun Life Financial, has announced 30 May 2003 as the record date for the declaration of dividend in the Dividend Plan (Plan A) of Birla Dividend Yield Plus.

All purchases in the Dividend Plan (Plan A), made before 3.30 pm on 30 May 2003 will be eligible to receive dividends declared, if any. The net asset value (NAV) per unit as of the end of the next business day will reflect the effects of dividend payout. The rate of dividend will be at the discretion of the trustees and will be subject to availability of distributable surplus.

The scheme has grown to a size of over Rs 100 crore of assets under management and has shown exceptional performance since its inception. It has posted absolute returns of 14.60 per cent (the NAV as on 26 May 2003 = Rs 11.46).

Birla Dividend Yield Plus is an open-ended scheme that aims to provide capital growth and income by investing primarily in a well-diversified portfolio of dividend-paying companies that have a relatively high dividend yield. Historically, stocks of high dividend-yielding companies provide a high degree of protection during falling equity markets. Along with this protection, there is a good possibility of stock prices appreciating, should the equity markets revive.

Says Aditya Birla group director (financial services) S K Mitra: "The concept of a dividend yield fund has been well received by the Indian investors. The performance of the scheme has been in line with our expectations. Today, it is one of fastest growing equity schemes in the country. As indicated during the launch, we would like to reward our investors by giving them a tax-free dividend."