Mumbai: UTI Mutual Fund has declared a tax-free dividend of 27 percent for its equity-oriented scheme - UTI Mastershare. The record date for the dividend is October 30, 2009, the company said. Pursuant to the payment of dividend, the Net Asset Value (NAV) of the dividend option of the scheme would fall to the extent of payout and statutory levy if any. UTI Mastershare has a track record of consistent dividend distribution for the last 23 years, reports PTI. All unit holders registered under the dividend option of UTI Mastershare as on October 30 will be eligible for this dividend. The investors, who join the dividend option of the scheme on or before the record date will be eligible for the dividend. UTI Mastershare provides unit holders the benefits of capital appreciation and income distribution through investment in equity or equity-related instruments, fully convertible bonds or debenture of companies.