Franklin Templeton MF has announced a dividend of Rs.0.70 per unit (Face Value of Rs.10) or 7% in its open end scheme called Templeton India Equity Income Fund.
The record date for the dividend is March 14, 2014 and any purchases on or before this date will be eligible for the dividend. Under the dividend reinvestment plan, the dividend declared will be reinvested in the Fund at the NAV of March 18, 2014 and unit-holders will be allotted additional units for the dividend amount.
Templeton India Equity Income Fund aims to provide a combination of income and long term capital appreciation by investing in stocks of Indian and overseas company that have current or potentially attractive dividend yield. Vikas Chiranewal and Chetan Sehgal are co-managing the fund.