Six Franklin Templeton debt schemes get ₹1,213 crore in second half of December

The six suspended debt schemes of Franklin Templeton has received ₹1,213 crore in the second fortnight of December.

The fund house has repaid the debt in Short Term Income Plan making it the fifth scheme to turn cash positive since all the six schemes were suspended for trading in April.

The debt schemes have received ₹13,120 crore till December-end from maturities, pre-payments and coupon payments since April 24.

Also read: Franklin Templeton gets ₹330-crore inflows in fortnight ended December 15

The six debt schemes had assets under management of ₹25,000 crore before they were suspended.

The cash available in the five schemes stands at ₹8,527 crore, subject to fund running expenses.

Individually, Franklin India Low Duration and Ultra Short Bond Fund have surplus cash of ₹1,317 crore and ₹4,924 crore, while that of Dynamic Accrual and Credit Risk was at ₹1,037 crore and ₹808 crore.

Franklin India Short Term Income Plan has outstanding cash of ₹441 crore.

Borrowing levels in Franklin India Income Opportunities Fund has come down to ₹106 crore in December-end fortnight from ₹280 crore between December 1-15.

Also read: Franklin Templeton voting: What should you do?

The Supreme Court has told the Trustee of Franklin Templeton Mutual Fund to seek consent of the unitholders for the winding up of the six schemes.

Accordingly, the Trustee conducted the e-voting between December 26 and 28, followed by a unitholder meet on December 29. As directed by the apex court, redemptions in these schemes will continue to be suspended till the date of the next hearing scheduled in the third week of January, said the fund house.

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