The Hindu Business Line : CanEquity tax scheme declares 60% dividend

Kochi March 10 Canbank Mutual Fund has declared 60 per cent dividend on its CanEquity Tax Saver Scheme, which has a face value of Rs 10. The CanEquity Tax Saver Scheme is an open-ended equity linked tax saving scheme.

The investment objective of the scheme is to provide long-term capital appreciation by predominantly investing in equities. The investments in the scheme up to Rs 1 lakh is exempted from tax under 80 C of the Income Tax Act and the repurchase of units under the scheme can be made after a lock-in period of three years from the date of allotment, a press release issued here has said.

The record date for income distribution has been fixed as March 15. All unit holders whose names appear in the register as on record date are eligible for this income distribution. The books of the scheme shall remain closed on March 16 on account of the dividend distribution. There will not be any sale or repurchase of units of the scheme on the book closure date.

The NAV of the scheme was Rs 20.52, which was expected to fall to the extent of the payout, the release said.

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