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Franklin Templeton unitholders to get Rs 2,489 cr in next tranche

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New Delhi, May 2 (PTI) SBI Funds Management (SBI MF) will distribute the next tranche of Rs 2,489 crore to unitholders of Franklin Templeton Mutual Fund's six shuttered schemes in this week from Monday.

SBI MF has already distributed Rs 12,084 crore to investors. This included Rs 2,962 crore distributed during the week of April 12.

'We are pleased to now inform you that SBI Funds Management Pvt Ltd (SBI MF) would be distributing the next tranche of Rs 2,488.75 crore to unitholders across all six schemes. The payment to all investors whose accounts are KYC compliant with all details available will be made during the week of May 3, 2021,' a Franklin Templeton MF spokesperson said on Sunday.

The amount to be paid to unitholders will be paid by extinguishing proportionate units at the net asset value dated April 30, this year, he added.

The payment will be made electronically to all eligible unitholders by SBI MF, which has been appointed as the liquidator for the schemes under winding up by the Supreme Court.

In case the unitholders' bank account is not eligible for an electronic payment, a cheque or demand draft will be issued and sent to their registered address by SBI MF.

In March, the Supreme Court accepted the standard operating procedure (SOP) finalised by SBI MF to monetise assets and distribute the proceeds to unitholders of the six debt schemes of Franklin Templeton Mutual Fund.

Franklin Templeton MF shut its six debt mutual fund schemes in April, 2020 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 estimated Rs 25,000 crore as assets under management (AUM). PTI SP MR MR