Franklin Templeton Mutual Fund has mentioned its six shut schemes have acquired ₹ 15,272 crore from maturities, coupons and pre-payments since closing down in April 2020.
The fund home had shut six debt mutual fund schemes on April 23 final 12 months, citing redemption pressures and lack of liquidity within the bond market.
The schemes — Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund — collectively had an estimated ₹ 25,000 crore as AUM.
“The six schemes have acquired whole money flows of ₹ 15,272 crore until March 15, 2021, from maturities, coupons and prepayments since winding up,” the fund home mentioned in a press release.
Over the newest fortnight ended March 15 this 12 months, these schemes acquired ₹ 224 crore.
It, additional, mentioned internet asset worth (NAVs) of all of the six schemes have been greater as on March 15 this 12 months, vis-a-vis their respective NAVs on April 23, 2020, the date on which the winding-up choice was taken.
Franklin Templeton MF mentioned the court-appointed liquidator, SBI Funds Management, is within the means of making ready to liquidate the schemes and distribute proceeds to unitholders on the earliest alternative.
SBI Funds Management, with assist from Franklin Templeton, has finalised the usual working process (SOP) to monetise belongings of the schemes below winding up and distribute the proceeds and has filed the SOP with the Supreme Court.
It anticipates that SBI Funds Management will begin lively monetisation very shortly.
“Our focus stays on liquidating the portfolio and returning monies on the earliest whereas preserving worth. We will present SBI Funds Management with all doable help and cooperation with respect to the liquidation of the holdings,” Franklin Templeton MF mentioned.
The fund home mentioned that money accessible for distribution within the 5 money constructive schemes stands at ₹1,370 crore as of March 15, 2021.