Sbimf Declares 15% Payout Under Mmps93

SBI Mutual Fund has announced a dividend of 15 per cent under its Magnum Multiplier Plus Scheme 1993 for the year ending March 31, 1998. The dividend will be paid to all investors of the scheme as on May 29,1998. This is the first time SBI is declaring a dividend under any of its scheme. Magnum Multiplier Plus 1993(MMPS93) is SBIMF's largest scheme. The scheme was launched in 1993 and collected Rs 970 crore from over 19 lakh investors. As on May 5, the Net Asset Value of the scheme is Rs 14.34. Currently, the scheme has a corpus of Rs 450 crore and inevitable funds worth Rs 650 crore. MMPS was converted into an open ended scheme with effect from April 1,1998. Niamatullah, managing director, SBIMF attributed the improved performance to the recent restructuring and consolidation of the scheme's holdings, with the top 50 holdings of the scheme (all blue chip stocks) accounting for over 90 per cent of the scheme's investments.