New Delhi, March 17
Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 15,272 crore from maturities, coupons and pre-payments since closing down in April 2020.
The fund house had shut six debt mutual fund schemes on April 23 last year, 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 Rs 25,000 crore as AUM.
SOP finalised to monetise assets
- The fund house had shut these schemes on April 23 last year, citing redemption pressures
- The six schemes together had an estimated Rs25,000 crore as assets under management
“The six schemes have received total cash flows of Rs 15,272 crore till March 15, 2021, from maturities, coupons and prepayments since winding up,” the fund house said. Over the latest fortnight ended March 15 this year, these schemes received Rs 224 crore.
It further said net asset value (NAVs) of all the six schemes were higher as of March 15 this year, vis-a-vis their respective NAVs on April 23, 2020, the date on which the winding-up decision was taken.
Franklin Templeton MF said the court-appointed liquidator, SBI Funds Management, is in the process of preparing to liquidate the schemes and distribute proceeds to unit holders at the earliest opportunity.
SBI Funds Management, with support from Franklin Templeton, has finalised the standard operating procedure (SOP) to monetise assets of the schemes. — PTI