In a partial relief to three lakh battered investors, Franklin Templeton has started working with SBI Funds Management to distribute ₹9,122 crore accumulated in the five of the six debt schemes that are being wound up.
Payment to all investors whose accounts are KYC compliant with all details available will be made during the week of February 15, said the fund house.
“We have started working closely with the SBI team and are providing the assistance they require to ensure distribution of available cash at the earliest,” said Sanjay Sapre, President, Franklin Templeton Asset Management.
After nine months of wait, investors in Franklin India Ultra Short Bond will get ₹5,075 crore while Low Duration and Short term Income Fund investors will receive ₹1625 crore and ₹469 crore. Similarly, the Credit Risk and Dynamic Accrual fund investors will get ₹926 crore and ₹1,025 crore.
Payment will be made by extinguishing proportionate units at the prevailing NAV on the date of processing, said the fund house.
Payment will be made by SBI from the bank accounts opened for each schemes separately by them for this purpose. Payment will be made electronically to all eligible customers.