The six suspended debt schemes of Franklin Templeton received ₹330 crore in maturities, pre-payments and coupon payments during the fortnight ended December 15. Of this inflow, pre-payment alone accounts for ₹118 crore, the fund house said in a note to investors.
The overall inflow into the six schemes, since they were first suspended for trade on April 24 due to heavy redemption, works out to ₹11,907 crore.
After repaying debt raised to meet redemption, four schemes — Franklin India Low Duration Fund, Ultra Short Bond, Dynamic Accrual and Credit Risk Fund — hold ₹7,488 crore in cash to be distributed to investors.
The debt level in the Franklin India Short Term Income Plan has come down to ₹43 crore after remaining stagnant at ₹943 crore for last two fortnight, while that of the Income Opportunities Fund reduced to ₹280 crore from ₹497 crore.
As per the Supreme Court direction, the Trustee of Franklin Templeton has sought unitholders’ permission through e-voting for closure of the debt schemes.
The Trustee issued a notice on December 6 for seeking consent of unitholders. The e-voting will be held between December 26-28 followed by a unitholder meet on December 29. The Apex Court has also directed SEBI to appoint an observer for the e-voting and submit the result in a sealed cover.
Redemptions will continue to be suspended till the date of the next hearing scheduled in the third week of January, said the fund house.