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Investors in six suspended schemes of Franklin Templeton will receive ₹ 2,489 crore as part of third tranche of payment this week.
So far, these schemes have distributed ₹12,084 crore in last two tranches.
"We are pleased to inform you that SBI Funds Management would be distributing the next tranche of ₹ 2,488.75 crore to unitholders across all six schemes," Franklin Templeton told distributors.
The payment will be made to all investors whose accounts are KYC compliant with all details during the week of May 3," it added.
Payment to investors has been increasing ever since SBI MF started selling assets held by the debt schemes.
Franklin India Ultra Short Bond Fund will pay the highest of ₹771 crore, followed by ₹500 crore and ₹391 crore to be paid by Credit Risk and Short Term Income funds, respectively.
Franklin India Income Opportunities Fund will distribute ₹ 337 crore while Low Duration and Dynamic Accrual funds will pay Rs 290 crore and ₹200 crore.
The amount will be paid by extinguishing proportionate units at the NAV as on April 30. Accordingly, the units held by investors in the scheme will reduce to that extent, it added .
The six schemes had asset under management of about ₹ 25,000 crore as of April, 2020 when the fund house decided to wind up by suspending trading in all these debt schemes.
After payment of ₹ 14,573 crore in three tranches, the six schemes will have asset of Rs 15,032 crore as of April 30.
The payment will be made electronically to all eligible unitholders by SBI MF. In case the unitholders’ bank account is not eligible for an electronic payment, a Cheque/Demand Draft will be issued and sent to their registered address by SBI MF, it added.
Further, unitholders whose receivable is less than ₹ 1 will not receive any payments.
"We will send an account statement to all unitholders showing details of units extinguished and payment made. However, unitholders holding units in a demat account have to contact their Depository Participant for a transaction statement," said the fund hous
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