Franklin Templeton MF receives interest payment of Rs 103 cr from Vodafone Idea

NEW DELHI: Franklin Templeton Mutual Fund on Sunday mentioned it has obtained an interest payment of about Rs 103 crore from Vodafone Idea Ltd, which will likely be distributed amongst traders in proportion to their holdings within the plans of the segregated portfolios. There are six schemes — Franklin India Ultra Short Bond Fund, Franklin India Low Duration, Franklin India Short Term Income Plan, Franklin India Credit Risk Fund, Franklin India Dynamic Accrual Fund, and Franklin India Income Opportunities Fund — which had made investments in Vodafone Idea.

Franklin Templeton MF side-pocketed its publicity within the telecom participant and from January 24, numerous securities issued by Vodafone Idea within the schemes have been segregated from the full portfolio.

Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value property from different extra liquid property in a portfolio.

“Interest payment of Rs 102.71 crore was received from Vodafone Idea Ltd on June 12, 2020,” the fund home mentioned in a press release.

This quantity shall be distributed to traders in proportion to their holdings within the plans of the segregated portfolio, it added.

“The payout shall be processed by extinguishing proportionate units in the plans of the segregated portfolio of respective schemes. After the payment, the number of units outstanding in the investor account under said segregated portfolio of the scheme would fall to the extent of payout and statutory levy (if applicable),” the fund home mentioned.

For models held in bodily or assertion of account mode, the partial fee of the excellent unitholding as on June 12 will likely be extinguished and will likely be distributed to unit holders by June 17.

In January, Franklin Templeton, which had an publicity of over Rs 2,000 crore to Vodafone Idea in six of its schemes, had marked down its funding within the securities issued by the telecom participant to zero.

The fund home had markdown the schemes after the Supreme Court rejected the telecom participant’s evaluate plea associated to over Rs 40,000 crore in adjusted gross income (AGR)-related dues to the federal government.

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