Franklin Templeton Mutual Fund on Monday said its six shut debt schemes have Rs 231.13 crore of cash available for distribution to unitholders of the schemes.
So far, the fund house has distributed Rs 26,098 crore to the investors across the six schemes, amounting to 103.50 per cent of the asset under management (AUM) as on April 23, 2020, when it announced shutting down of the schemes, Franklin Templeton Asset Management (India) Pvt Ltd President Sanjay Sapre said in a letter to the investors.
In 5 out of 6 funds, the schemes have returned over 100 per cent of the AUM at the time of winding up of the schemes, he added.
Sapre assured investors that efforts to monetise the remaining securities continue unabated and the AMC continues to support the ongoing liquidation process by the court-appointed liquidator.
"We also continue to make all efforts for recovery of proceeds from issuers who have defaulted or from securities which are held in segregated portfolios in the best interest of investors. The schemes have over Rs 231.13 crore of cash available as of March 31, 2022," he added.
According to Sapre, Franklin Templeton continues to manage over Rs 62,000 crore of assets including a suite of equity funds investing across the market cap spectrum and across geographies besides high credit fixed income funds for various investment horizons/ goals and its commitment to India remains steadfast.
The fund house has so far distributed Rs 26,098 crore to unitholders in eight tranches from April 2021 to November 2021.
Under the first disbursement in February 2021, investors received Rs 9,122 crore, thereafter Rs 2,962 crore was paid to investors in April, Rs 2,489 crore in May, Rs 3,205 crore in June, Rs 3,303 crore in July, Rs 2,918 crore in September and Rs 1,115 crore in November.
The fund house had announced closure of 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 Rs 26,000 crore as AUM.