Stocks

Franklin debt schemes get ₹698 crore in September

Suresh P Iyengar Mumbai | Updated on September 17, 2020 Published on September 17, 2020

Franklin Templeton has received ₹698 crore in first half of this month taking the overall inflow into the six debt schemes that are under suspension to ₹7,184 crore.

Four funds including Franklin India Ultra Short Bond Fund, Dynamic Accrual, Low Duration and Credit Risk funds have accumulated 35 per cent, 17 per cent, 9 per cent and 2 per cent of their respective AUM in cash for distribution among unitholders, subject to a successful unitholder vote.

Borrowing levels in Short Term Income Plan and Income Opportunities continue to come down steadily, said the fund house in a statement.

Further to the decision of the Delhi High Court, the Debenture Trustees sold the entire shares of Zee Entertainment Enterprises and recovered . ₹92.35 cr (across four schemes) which is slightly higher than the value at which the Essel Infraprojects NCDs were valued in these schemes, it said.

"We will continue our efforts to recover the outstanding investment proceeds in the best interest of the unitholders," said Franklin Templeton.

The e-voting and unitholders meet continue to remain suspended till further directions from the Karnataka High Court. Active monetisation of assets of the schemes and distribution of investment proceeds to the unitholders will be possible only after successful e-voting, it said.

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Published on September 17, 2020
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