Home/ Mutual Funds / News/  UTI Mutual Fund receives entire payment from Zee Learn

UTI Mutual Fund on Thursday said it has received all its dues from Zee Learn Limited after the fund house segregated its exposure to the company.

In a statement, the fund house said it "has received the entire payment (along with interest accrued to date) due from Zee Learn Limited on July 14, 2020".

UTI Mutual Fund, on July 7, segregated portfolio in respect of debt securities of Zee Learn in its two schemes -- UTI Credit Risk Fund and UTI Medium Term Fund -- due to the downgrade of such securities below investment grade.

The two schemes together had an exposure of about 44 crore to Zee Learn.

The recovery proceeds, in proportion to investors' unit holdings, will be credited to investors' core banking solution (CBS) bank account, if registered in the portfolio, the fund house said.

It further said that in the absence of bank account details, the physical warrants will be dispatched once postal services become operational.

"This repayment shows our commitment towards our investors and we will continue our efforts in the best interest of the unit holders of our schemes," the fund house said.

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

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Updated: 17 Jul 2020, 06:11 AM IST
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