BSLAMC offers 12% dividend in Birla Dividend Yield Plus

Mumbai: Birla Sun Life AMC (BSLAMC), a joint venture company of the Aditya Birla group and Sun Life Financial, has declared the third dividend in the Dividend Plan (Plan A) of Birla Dividend Yield Plus. The rate of dividend is 12 per cent (Re 1.20 per unit). The scheme had earlier declared dividends of 8 per cent on 30 May 2003 and 5 per cent on 13 June 2003.

The record date for the third dividend was 24 July 2003. The net asset value on the record date was Rs 11.62 per unit. The dividend will be completely tax-free in the hands of investors. The scheme has grown to a size of close to Rs 180 crore of assets under management and has shown exceptional performance since its inception.

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.

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 tax-free dividends."

BSLAMC has total assets under management of close to Rs 8,000 crore, including two offshore schemes, spread across about 3.47 lakh investors. BSLAMC has consistently endeavoured to provide investors with superior risk adjusted returns in a family of funds, which include diversified and sector-specific equity schemes, balanced and monthly income funds, and a wide range of debt and treasury products. It offers a spectrum of investment schemes designed to cater to every need of the investor.