Franklin Templeton Mutual Fund has said its six shut schemes have received ₹14,391 crore from maturities, pre-payments and coupon payments since their closing down in April.
Franklin Templeton MF shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
The schemes - Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund - together had an estimated ₹25,000 crore as assets under management (AUM).
“The six schemes have received total cash flows of ₹14,391 crore till January 29, 2021, from maturities, coupons and prepayments since winding up,” the fund house said in a statement.
In the latest fortnight (January 16-29), these schemes received ₹602 crore, of which ₹350 crore was as pre-payments, it added.
Also read: SEBI backs Franklin on debt schemes winding up at SC
Individually, Franklin India Ultra Short Bond Fund, Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund and Franklin India Short Term Income Plan have 65 per cent, 53 per cent, 41 per cent, 27 per cent and 11 per cent of their AUM in cash, respectively.
Borrowing levels in Franklin India Income Opportunities Fund continue to come down steadily and currently stand at 5 per cent of AUM.
Franklin Templeton MF said cash available stands at ₹9,770 crore as of January 29 for these five cash positive schemes, subject to fund running expenses.
The balance ₹4,621 crore has been used to repay borrowings and interest thereon of the six schemes.
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