Databricks raises $500 mn, takes its valuation to $43 bn
Data analytics and AI software maker Databricks has raised over $500 million as part of its Series I funding, taking…
Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 8,302 crore from maturities, pre-payments and coupon payments since closing down in April.
Franklin Templeton MF shut six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
“The six schemes have received total cash flows of Rs 8,302 crore as of October 15, 2020 from maturities, pre-payments and coupon payments since April 24, 2020,” Franklin Templeton MF said in a statement.
Advertisement
Part of this amount has been utilised to repay borrowings and post repayment, Rs 5,116 crore is available for distribution to unitholders in four cash positive schemes — Franklin India Ultra Short Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Low Duration Fund, Franklin India Credit Risk Fund, subject to fund running expenses.
Of the six schemes, Franklin India Ultra Short Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Low Duration Fund and Franklin India Credit Risk Fund have 40 per cent, 19 per cent, 19 per cent and 4 per cent of their respective assets under management (AUM) available in cash to distribute to unitholders, it said.
This is subject to a successful unitholder vote, the fund house added.
The fund house reiterated that the cash flows received so far are without the ability to efficiently monetise assets, which will only be possible after successfully completing the e-voting process.
It further said the court has completed hearing the arguments on matters related to the six schemes under winding-up and the fund house is now awaiting the judgement from the court.
“Our focus remains on the important task of generating maximum value and returning your monies at the earliest possible time in accordance with the applicable regulations, subject to the decision of the Karnataka High Court,” the fund house said.
Advertisement
