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SBI to introduce changes in Magnum InstaCash

Our Bureau

MUMBAI, June 26

SBI Mutual Fund (SBIMF) has decided to introduce changes in its liquid scheme, Magnum InstaCash Fund. SBIMF has also decided to give an option to scheme's unitholders for exit.

``Investors not in favour of change may exit at NAV on or before June 25,'' SBIMF has stated.

Effective June 27, the applicable net asset value (NAV) for sale or repurchase of units under the scheme will be as of previous day for applications/cheques received by 10.30 a.m. by the fund. This will be applicable for both the plans -- cash and divide nd -- under the scheme.

SBIMF has declared a dividend of 4 per cent under Magnum Gilt Fund (long term option) for the quarter ending June 2001. The record date for the dividend is fixed at June 29. For the previous quarter January-March, the scheme had declared a dividend of 3 per cent.

Magnum Gilt Fund is an open-end scheme dedicated to investing only in government securities (G-sec) ensuring zero credit risk.