SBI MF to distribute Rs 29.91 crore among FISTIP unitholders; payments to commence from Dec 7

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SBI Funds Management (SBI MF) will be distributing Rs 29.91 crore among the eligible unitholders of Franklin India Short Term Income Plan (FISTIP), a scheme under winding up, as per a statement issued on December 3.

"Further to the nine tranches of distribution totalling Rs 5,423.34 crore in FISTIP, we are pleased to inform you that SBI MF would be distributing the next tranche of Rs 29.91 crores to unitholders," it said.

The amount will be paid by "extinguishing proportionate units at the NAV (net asset value) dated December 2, 2022". The payments will commence from December 7 onwards.

The amount payable will be 5.84 percent of the unitholders' portfolio value, prior to the extinguishment of units, as of December 2, it added, further stating that the same proportion of their units held will also be extinguished as per their "respective plan level NAV as on December 2".

Post this payout, FISTIP would have paid 98.20 percent of its assets under management (AUM) as on April 23, 2020, the statement noted.

Investors may note that in addition to the payments till date, any recoveries or receipts from securities which are currently valued at zero or have matured but defaulted on their repayment obligation, "shall be paid out to investors as and when such amounts are recovered/received", it further said.