Kotak Tax Saver To Pay 30-pc Maiden Dividend

Kotak Mahindra Mutual Fund has decided to pay a maiden dividend of 30 per cent, Rs 3/- per unit on the face value of Rs 10, in its open-ended ELSS Scheme - Kotak Tax Saver. The scheme aims 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. The record date for dividend is February 20, 2007. All Investors, whose names appear under dividend option of the scheme as on February 20, 2007 would be eligible for the dividend. The NAV as on February 15, 2007 under dividend option was Rs 14.82. Over the last one year, Kotak Tax Saver has yielded 26.4% as compared to 29.4% given by its benchmark S&P CNX 500 as on February 15, 2007.