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SBI Mutual declares 0.4 pc

Our Bureau

MUMBAI, May 1

SBI Mutual Fund (SBIMF) has declared its first monthly dividend of 0.4 per cent (Re 0.04 per unit) for April, under its recently-launched open-end Magnum monthly income plan (MIP). The record date is fixed at April 30 and all investments made up to that date will be eligible for dividend.

SBIMF has also declared a monthly dividend of 0.7 per cent under dividend option of its Magnum gilt fund. The record date for gilt fund is also fixed at April 30.

Magnum MIP is an open-end income fund predominantly investing in debt instruments with minimum 85 per cent of its assets in fixed income securities and maximum 15 per cent in equities.

Magnum Gilt Fund is an open-end fund dedicated to invest only in the Government securities (G-sec) with zero credit risk. The fund has declared a dividend of 0.7, 1 and 0.5 per cent respectively during January, February and March, 2001.