On 1st April, Alpha Mutual Fund’s open-ended equity scheme had 200 lakh units outstanding with an Opening Net Asset Value (NAV) of **₹ 25.00** per unit.

The fund reported the following activity over the next two months:

**April:** The fund earned a total net income of ₹ 10 Lakhs during the month. At the end of April, the fund issued 5 lakh new units. The issue price is based on the Opening NAV plus a 2% entry load, adjusted for dividend equalization.

**May:** By the end of May, the cumulative income available for dividend equalization per unit was calculated to be ₹ 0.12. At the end of May, 2 lakh units were repurchased by the fund at the Opening NAV less a 1% exit load, adjusted for dividend equalization.