* Says will also implement internal capital restructuring
* Restructuring to result in tax savings of C$500,000/yr
* Raises monthly distribution to C$0.035 from C$0.03
Dec 16 (Reuters) - Canadian automotive collision repair services provider Boyd Group Income Fund (BYD_u.TO) said it raised its monthly distribution by about 17 percent.
The Winnipeg, Canada-based fund, which also operates in the United States, said a capital restructuring program was expected to result in tax savings of about C$500,000 per year.
The restructuring, which is expected to be completed in January 2011, is subject to certain third-party approvals, it said.
Boyd Group raised its distribution to 42 Canadian cents per unit annually, or 3.5 Canadian cents a unit a month, from 36 Canadian cents a unit annually or 3 Canadian cents a unit per month.
Boyd Group Income Fund units, which have gained 43 percent in value in the past 1 year, closed at C$7.32 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)