Six shut schemes of Franklin Templeton Mutual Fund receive ₹8,262 crore1 min read . Updated: 03 Oct 2020, 01:37 PM IST
- Karnataka High Court has completed hearing of arguments on matters related to the winding up of the six schemes
- The fund house is now awaiting the court's judgement.
Sic schemes of Franklin Templeton Mutual Fund have received ₹8,262 crore as on September 30, from maturities, pre-payments and coupon payments since closing down in April, said a note by the AMC. As per communication from the mutual fund house, Franklin India Ultra Short Bond Fund (FIUBF), Franklin India Dynamic Accrual Fund (FIDA), Franklin India Low Duration Fund (FILDF) and Franklin India Credit Risk Fund (FICRF) have 40%, 19%, 19% and 4% of their respective AUM available in cash to distribute to unitholders subject to a successful unitholder vote.
In addition, borrowing levels in Franklin India Short Term Income Plan (FISTIP) and Franklin India Income Opportunities Fund (FIIOF) continue to come down steadily, adds the AMC.
The schemes have received ₹1,078 crore during September 16-30.
Franklin Templeton shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
The fund house reiterated that its focus remains on maximising value for unitholders in these schemes and returning money as soon as possible, subject to the decision of the Karnataka High Court.
It further said the Karnataka High Court has completed hearing of arguments on matters related to the winding up of the six schemes.
The fund house is now awaiting the court's judgement.
"Our focus remains on maximizing value for unitholders in these schemes and returning monies as soon as possible in accordance with the applicable regulations, subject to the decision of the Hon’ble Karnataka High Court," said Franklin Templeton Mutual Fund in its note.