UTI Mutual Fund gets ₹20 crore from Altico Cap

Our Bureau Mumbai | Updated on January 06, 2020 Published on January 06, 2020

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UTI Mutual Fund has received ₹20 crore from Altico Capital India (ACI), an NBFC, as part-payment of its debt investment.

Certain UTI MF schemes had invested in debt instruments of ACI that were downgraded to below investment grade by credit rating agencies last September. According to SEBI guidelines, the applicable UTI MF schemes marked down their respective exposures to such instruments by 75 per cent.

On December 30, Altico Capital distributed available cash to lenders in the proportion to their respective overdue aggregate principal amounts outstanding and interest accrued up to September 12.

Accordingly, UTI MF said certain schemes received an aggregate amount of ₹20.50 crore from Altico Capital and such schemes accounted for their respective portion of such amount.

Published on January 06, 2020
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