The fund house closed six debt mutual fund schemes on April 23 last year, citing lack of redemption pressure and liquidity in the bond market.
Franklin Templeton Mutual Fund has said that six of its closed schemes have received 27 15,272 crore in maturity, coupons and prepayments since their closure in April 2020.
The fund house closed six debt mutual fund schemes on April 23 last year, citing lack of redemption pressure and liquidity in the bond market.
Franklin Templeton says firm, no adverse findings against employees
The schemes – Franklin India Low Duration Fund, Franklin India Dynamic Axle Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund – together totaled ₹ 25,000 crore.
The fund house said in a statement, “The six schemes have received total cash flow as of March 15, 2021. By maturity, coupons and prepayments.
In the latest fortnight ending March 15 this year, these schemes. 224 crores received.
In addition, the net asset value (NAV) of all six schemes was higher by 15 March this year, visually on their respective NAVs on 23 April 2020, the date on which the decision was taken. .
Franklin Templeton MF said that the court-appointed liquidator, SBI Funds Management, is preparing to liquidate the schemes at the earliest opportunity and distribute the proceeds to the unit holders.
SBI Funds Management, with the support of Franklin Templeton, has finalized the Standard Operating Procedure (SOP) to monetize the assets of the schemes and distribute the proceeds and has filed an SOP with the Supreme Court.
It is anticipated that SBI Funds Management will soon begin active demonetisation.
“Our focus is to return the money as quickly as possible while preserving the liquidation and value of the portfolio. Franklin Templeton MF said, “We will provide SBI Fund Management with all possible assistance and support in connection with the liquidation of the holding.” The fund house said that the cash available for distribution in the five cash positive schemes is ₹ 1,370 crore as on 15 March 2021.
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