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Franklin Templeton returns Rs 23,999 cr to investors of 6 shut schemes
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SME Times News Bureau | 13 Oct, 2021
The Franklin Templeton Mutual Fund (MF) has said that it has so far
returned about Rs 24,000 crore to the unit holders of the six shut debt
funds.
In a letter to the investors, Sanjay Sapre, President,
Franklin Templeton Asset Management (India), said that the cash
available for future distribution stands at Rs 693 crore.
"As of
September 30, 2021, the Funds have already distributed approximately Rs
23,999 crores to the unit holders, representing 95 per cent of the
aggregate reported AUM as of April 23, 2020, across the six funds. The
total amount disbursed so far ranges between 84 per cent and 108 per
cent of the respective reported AUM values of the six funds as of April
23, 2020," the letter said.
Sapre further said that at the time
of each distribution, the net asset value of each of the funds was
higher than it was on April 23, 2020.
"We believe this supports
the decision made by the Trustee in consultation with the AMC and its
investment management team to wind up the funds. The AMC is continuing
to support the ongoing liquidation process by the court appointed
liquidator," he added.
The MF continues to manage over Rs 64,000
crore of assets, including a suite of equity funds investing across the
market cap spectrum and across geographies, besides high credit fixed
income funds for various investment horizons/goals.
The fund
house said that it remains positive on equities as easing of
restrictions related to schools, theatres, capacity restrictions and a
pick-up in vaccinations should lead to further economic normalisation
during the upcoming festive season.
"Equity markets continued to
rally and touched new highs in September 2021. The rally was primarily
driven by government's reform/relief measures (telecom, auto, banking),
low interest rates, improved vaccine access and pick-up in service
sector activities.
"Resumption of economic activity is
reiterated by improving indicators like e-way bills, GST collection,
power demand, rail freight and exports growth among others. Easing of
restrictions related to schools, theatres, capacity restrictions and a
pick-up in vaccinations should lead to further economic normalisation
during the upcoming festive season," Sapre said in the letter.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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