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Franklin Templeton Trustee Services has appointed an independent advisor to monetise the assets held by the six debt schemes that are being wound up abruptly.
The decision of the fund house to engage Kotak Mahindra Bank for selling the asset comes on instructions by market regulator SEBI and pending investor voting results, said Franklin Templeton in a statement on Wednesday.
Kotak Mahindra Bank through its Debt Capital Markets team will work closely with the Franklin Templeton Trustees with all portfolio actions in the six schemes ― Franklin India Low Duration Fund, Dynamic Accrual, Credit Risk, Short Term Income, Ultra Short Bond and Income Opportunities Fund.
Sanjay Sapre, President, Franklin Templeton – India, said Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time and the tie-up will ensure an efficient wind-up of these schemes, while preserving maximum value for investors.
Sujata Guhathakurta, President – Debt Capital Markets, Kotak Mahindra Bank, said the bank is looking forward to working closely with the Trustees and the AMC to assist them in winding up the six schemes.
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