BackIL&FS Mutual Fund pays ₹314 crore to debt fund investors
The money was paid to investors in IL&FS Mutual Fund's first debt fund seriesThe five-year close ended scheme was fully funded in April 2014 and had raised ₹238 crore in assets under management
PremiumNEW DELHI : IL&FS Mutual Fund Tuesday paid ₹314 crore to investors in one of its infrastructure debt fund, making on-time redemption, according to a release.
The money was paid to investors in IL&FS Mutual Fund's first debt fund series -- IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A) -- that is due Tuesday.
The five-year close ended scheme was fully funded in April 2014 and had raised ₹238 crore in assets under management.
"The scheme redeemed ₹314 crore to the investors, which was paid out today," IL&FS Infra Asset Management Ltd said in the release.
The on-time redemption of money assumes significance as it also comes at a time when there are concerns about exposure of mutual funds to various groups, including crisis-hit IL&FS Group and Essel.
The scheme is one of the eight schemes in the portfolio. The remaining schemes have varying maturities, ranging from 2 to 12 years, with final maturity in 2031-32.
Two funds in the same series -- IL&FS Infrastructure Debt Fund Series 1B and IL&FS Infrastructure Debt Fund Series 1C -- have maturities of 7 years (2021) and 10 years (2024), respectively, the release said.
"The redemption for IDF Scheme A has been approved by the board and trustees of IDF and meets all statutory compliances and applicable norms," it added.
Post redemption, IL&FS Mutual Fund would continue to manage assets under management worth around ₹1,800 crore across the seven closed ended schemes.
IL&FS Infra Asset Management Ltd -- a subsidiary of IL&FS Investment Managers Ltd -- is the asset manager of IL&FS Mutual Fund.
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