Franklin Templeton Investments (India) has announced maiden tax-free dividend of Rs.0.70 per unit (Face Value of Rs.10), in its fund - Templeton India Equity Income Fund (TIEIF). The fund seeks to provide a combination of long-term capital appreciation and regular income investing primarily in stocks (domestic & overseas) that have current or potential attractive dividend yield. All investors registered in the dividend plan as on 18 April 2007 will receive this tax-free dividend.
TIEIF with its focus on dividend yield and international stocks can help in providing a smoother ride for investors through market cycles - given the characteristics of high dividend yield companies and diversification through international exposure.
The record date for the dividend is 18 April 2007 and any purchases on or before this date will be eligible for the dividend. There will be a one-day book closure for the growth and dividend plans on 19 April 2007 and will reopen for fresh purchases and redemptions on 20 April 2007.
Under the dividend reinvestment plan, the dividend declared will be reinvested at the NAV of 20 April 2007 and unit holders will be allotted additional units for the dividend amount.
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