Morgan Stanley Dean Witter Investment Management announced a 7.5% maiden dividend for its 15 years closed-ended mutual fund scheme - Morgan Stanley Growth Fund.

The Fund, launched in January 1994 earned a first-ever net profit of Rs 1.3 bn on sale of investments during the year ended March 31, 1999. The interim dividend yet to be approved by the fund's board translates into a tax-free yield of 9% at the current market price of Rs 8.30. The AMC's Managing Director - Vinod Sethi, in a statement to the press said the scheme's NAV, currently at Rs 13 crossed the Rs 10 mark in January 1999 and has stayed there since. He said, 'This was our first opportunity to reward our shareholders and we took it'.

10 June, 1999

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