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NEW 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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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