The Hindu : Mastershare to become open-ended

Online edition of India's National Newspaper
Saturday, Dec 14, 2002

Business

Business

Mastershare to become open-ended

By Our Special Correspondent

MUMBAI DEC. 13. The board of Unit Trust of India would consider the proposal to make Mutual Fund Unit Scheme 1986 (Mastershare) open ended at its forthcoming meeting on December 23. As Mastershare is a listed scheme, a notice to this effect had already been issued to the stock exchanges.

Mastershare, the first mutual fund scheme, was launched in September 1986. The principal objective of the Fund is to provide unitholders the benefits of capital appreciation and regular income distribution through investment in equity and equity-related instruments.

According to a UTI release, Mastershare has been a consistent performer with an impressive track record of uninterrupted dividend distribution for 16 years.

In addition, the scheme has rewarded its investors with three bonuses and two rights issues (1989 and 1994) since its launch. In October this year, the fund made an income distribution of 10 per cent to its unitholders.

As on December 12, the find size is Rs. 1,020 crores and the net asset value Rs. 11.18 per unit.

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