Franklin Templeton Mutual Fund on Thursday said its six shut schemes have received Rs 11,907 crore from maturities, pre-payments and coupon payments since closing down in April.
Franklin Templeton MF had shut six debt mutual fund schemes on April 23, 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 assets under management (AUM).
“The six schemes have received total cash flows of Rs 11,907 crore as of December 15, 2020 from maturities, pre-payments and coupon payments since April 24, 2020,” the fund house said in a statement on Thursday.
Over the latest fortnight (November 28 – December 15), these schemes received Rs 330 crore, of which Rs 118 crore was in pre-payments.
Individually, Franklin India Ultra Short Bond Fund, Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund and Franklin India Credit Risk Fund have 49 per cent, 48 per cent, 34 per cent and 16 per cent of their respective AUM in cash.
Franklin Templeton MF said that cash available stood at Rs 7,488 crore as of December 15, for these four cash positive schemes, subject to fund running expenses.
Earlier this month, the fund house sought consent of the unitholders for the orderly winding up of the six fixed income schemes. The electronic voting will take place from December 26-28 and followed by a meeting of unitholders on December 29.
The unitholders would have to take a call on whether to give consent to the winding up decision or withholding it, which would allow the schemes to reopen for purchase and redemption.
The move came after the Supreme Court permitted the trustee of Franklin Templeton MF to seek consent of the unitholders for the winding up of the six schemes.
Redemptions will continue to be suspended till the date of the next hearing scheduled in the third week of January, 2021.
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