SBI Mutual Fund has declared a dividend of 40% (Rs 4 per unit on face value of Rs 10) in its open-ended Magnum Sector Fund Umbrella - SBI Magnum Contra Fund. The investment objective of the scheme is to provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors. (Check out - Recent MF Dividends )

All investors registered under the dividend option of the scheme as on May 16, 2008 will receive this dividend. The NAV under the dividend plan of the scheme as on May 9, 2008 was Rs 31.25.

The last dividend announced by the scheme was of 40% in May 2007. Over the last one year,  SBI Magnum Contra Fund has yielded 24.5% as compared to 2.24% given by its benchmark BSE 100 as on May 9, 2008.