Franklin Templeton Mutual Fund has mentioned its six shut schemes have obtained ₹8,302 crore from maturities, pre-payments and coupon funds since closing down in April.
Franklin Templeton MF shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity within the bond market.
“The six schemes have obtained whole money flows of ₹8,302 crore as of October 15, 2020 from maturities, pre-payments and coupon funds since April 24, 2020,” Franklin Templeton MF mentioned in a press release.
A part of this quantity has been utilised to repay borrowings and put up reimbursement, ₹5,116 crore is out there for distribution to unit holders in 4 money optimistic schemes — Franklin India Extremely Quick Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Low Length Fund, Franklin India Credit score Threat Fund, topic to fund operating bills.
Of the six schemes, Franklin India Extremely Quick Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Low Length Fund and Franklin India Credit score Threat Fund have 40 per cent, 19 per cent, 19 per cent and 4 per cent of their respective belongings beneath administration (AUM) obtainable in money to distribute to unit holders, it mentioned. That is topic to a profitable unit holder vote, the fund home added.
The fund home reiterated that the money flows obtained to date are with out the power to effectively monetise belongings, which is able to solely be attainable after efficiently finishing the e-voting course of.
It additional mentioned the courtroom has accomplished listening to the arguments on issues associated to the six schemes beneath winding-up and the fund home is now awaiting the judgement from the courtroom.
“Our focus stays on the vital activity of producing most worth and returning your monies on the earliest attainable time in accordance with the relevant laws, topic to the choice of the Karnataka Excessive Courtroom,” the fund home mentioned.