PremiumSBI Funds Management (SBI MF) will distribute the fourth tranche of ₹3,205 crore to unitholders of Franklin Templeton Mutual Fund's six shuttered schemes during the week beginning Monday.
With this, the total disbursement will reach ₹17,778 crore, amounting to 71 per cent of assets under management (AUM) as on April 23, 2020, a Franklin Templeton MF spokesperson said on Saturday.
Under the first disbursement in February, investors received ₹9,122 crore, while Rs 2,962 crore were paid to investors during the week of April 12 and in the latest disbursement during the week of May 3, investors were paid ₹2,489 crore.
"SBI Funds Management Pvt Ltd (SBI MF) would be distributing the next tranche of ₹3,205.25 crore to unitholders across all six schemes. The payment to all investors whose accounts are KYC compliant with all details available will be made during the week of June 7, 2021," the spokesperson said.
The amount to be distributed to unitholders will be paid by extinguishing proportionate units at the net asset value dated June 4, this year, he added.
The payment will be made electronically to all eligible unitholders by SBI MF, which has been appointed as the liquidator by the Supreme Court for the six schemes being wound up.
In case the unitholders' bank account is not eligible for an electronic payment, a cheque or demand draft will be issued and sent to their registered address by SBI MF.
In March, the Supreme Court accepted the standard operating procedure (SOP) finalised by SBI MF to monetise assets and distribute the proceeds to unitholders of the six debt schemes of Franklin Templeton Mutual Fund.
Franklin Templeton MF announced shutting its six debt mutual fund schemes on April 23, 2020 citing redemption pressures and lack of liquidity in 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 -- together had an estimated ₹25,000 crore as AUM.
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