SBI Funds Management (SBI MF) will distribute the eighth tranche of Rs 985 crore from Monday to unitholders of the six closed schemes of Franklin Templeton Mutual Fund.
After the payout, the total payout will rise to Rs 26,098.2 crore, which represents 103.5 percent of Assets under Management (AUM) as on April 23, 2020, when the fund house announced it was closing the arrangements, a spokesman for Franklin Templeton said. MF on Sunday.
A total of Rs 25,114 crore is divided among 6 settlements under liquidation.
On the first payout in February, investors received Rs 9,122 crore while 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 Nov.
“SBI Funds Management Pvt Ltd (SBI MF) would distribute the next tranche of Rs 983.81 crore to unitholders in all six schemes,” the spokesperson said.
Payment to all investors whose accounts are KYC compliant with all available details will begin Nov. 22, he said.
The amount to be paid to unitholders will be paid by extinguishing proportionate units at their net asset value as of December 14 this year, he added.
Payment will be made electronically to all eligible unitholders by SBI MF, who has been appointed as liquidator for the settlements being dissolved by the Supreme Court.
In the event that the shareholder’s bank account is not eligible for electronic payment, a check or reminder will be issued and sent by SBI MF to their registered address.
In March, the Supreme Court accepted the Standard Operating Procedure (SOP) completed by SBI MF to monetize assets and distribute the proceeds to unitholders of the six Franklin Templeton Mutual Fund debt settlements.
The fund house closed its six debt fund plans 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 were estimated to be worth more than Rs 25,000 crore. as AUM.