Franklin MF receives interest payment of Rs 102 crore from Vodafone Idea
Franklin Templeton had the highest exposure to the telco at Rs 2,074 crore out of the total Rs 4,500 crore, which VIL owed to the MF industry as a whole.
June 14, 2020 / 03:06 PM IST
Franklin Templeton received an interest payment of Rs 102.71 crore from Vodafone Idea Ltd on June 12, the fund house said in a press release.
This amount will be distributed to investors in proportion to their holdings in the plans of the segregated portfolios.
There are six schemes Franklin India Ultra Short Bond Fund, (No. of segregated portfolios -1), Franklin India Low Duration Fund(No. of segregated portfolios - 2),Franklin India Short Term Income 7.01 Plan (No. of segregated portfolios -3), Franklin India Credit Risk Fund (No.of segregated portfolios - 3) and Franklin India Dynamic Accrual Fund (No. of segregated portfolios -3),
Franklin India Income Opportunities 3.88 Fund (No. of segregated portfolios -2) had investments in Vodafone Idea.
“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 press release said.
For units held in physical/statement of account mode, the partial payment of the outstanding unitholding as on 12 June 2020 will be extinguished and will be distributed to unitholders by June 17.
In February, following the Supreme Court ruling on the adjusted gross revenue (AGR) matter, which resulted in a due of Rs 53,000 crore on the telco, Franklin Templeton MF marked down its investment value to zero, resulting in a correction of up to 7 percent in net asset value for six of its schemes.
Franklin Templeton had the highest exposure to the telco at Rs 2,074 crore out of the total Rs 4,500 crore, which Vodafone India Limited owed to the MF industry as a whole.