Franklin Templeton Mutual Fund on Monday said six schemes under winding up continue to receive cash flows and received additional Rs 1,311 crore between June 16 and 30 from maturities, pre-payments, and coupon payments. The fund house has received total amount of Rs 3,725 crore since April 24 from various debt securities.
Sanjay Sapre, president at Franklin Templeton Asset Management (India), in its letter to investors on Monday said this amount has been received without the ability to efficiently monetise assets. The schemes will endeavour to accelerate monetisation post the successful completion of the e-voting exercise and the unitholder meets.
Last week, Franklin Templeton MF had received Rs 1,252.44 crore from Vodafone Idea held in the segregated portfolios of the six schemes under winding up. “We have now received the full value of the principal due, along with interest for the period 12 June to 9 July 2020. This amount will be distributed to unitholders of the segregated portfolio. This is the full and final payment for this segregated portfolio and will be made by extinguishing
all the outstanding units held by each unitholder therein,” said Sapre.
The fund house has also received a pre-payment of Rs 420 crore from Nuvoco Vistas Corporation across two securities in Franklin India Ultra Short Bond Fund and Franklin India Dynamic Accrual Fund. The issuer has prepaid both these securities in June 2020, which were to mature in September 2020 and September 2021, respectively.