The fund house in a note also said the Karnataka High Court had completed hearing the arguments on matters related to the six schemes under winding-up.
The six shuttered debt schemes of Franklin Templeton Mutual Fund received cash flows of Rs 1,078 crore from various debt instruments between 16 and 30 September. The fund house on Friday said between April 24 and end of September, these schemes received Rs 8,262 crore from maturities, pre-payments, and coupons.
The fund house in a note also said the Karnataka High Court had completed hearing the arguments on matters related to the six schemes under winding-up. “We await the judgment from the high court. Our focus remains on maximising 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 the fund house.
On April 23, six debt schemes collectively worth Rs 25,800 crore were wound down by Franklin Templeton MF due to severe market dislocation and illiquidity caused by the Covid-19 pandemic.
Franklin India Ultra Short Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Low Duration Fund and Franklin India Credit Risk Fund have 40%, 19%, 19% and 4% of their respective assets under management available in cash to distribute to unitholders subject to a successful unitholder vote.
The borrowing levels in Franklin India Short Term Income Plan and Franklin India Income Opportunities Fund continue to come down steadily, the fund house said.
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