SBI MF, the liquidator of the 6 Franklin Templeton MF debt funds being wound up, is going to distribute Rs 2,962 crore to unit holders across all 6 schemes. The payment to all investors whose accounts are KYC compliant with all details available will be made during the week of April 12, 2021.
“The Hon’ble Supreme Court has…taken note of the Standard Operating Procedure (SOP) finalized by SBI MF in consultation with Franklin Templeton and SEBI to monetize assets of these schemes and distribute the proceeds to unit holders. Further to the distribution of Rs 9,122 crore across 5 schemes in February 2021, we are pleased to inform you that SBI MF would be distributing the next tranche of Rs 2,962 crores to unit holders across all 6 schemes,” a Franklin Templeton spokesperson said.
The amount to be paid to unit holders will be calculated as per the below table and will be paid by extinguishing proportionate units at the NAV dated 9 April 2021.
Accordingly, the units held by FT MF investors in the scheme will reduce to that extent. Post this payout, the six schemes would have paid the above mentioned percentages (column D) of their AUM as on April 23, 2020.
The amount payable to unit holders of the respective schemes will be in the same proportion of the unitholderâ€™s portfolio value, prior to extinguishment, as of April 9, 2021. The same proportion of units will also be extinguished as per the scheme-wise plan level NAV as on April 9, 2021.
The payment will be made electronically to all eligible unit holders by SBI MF. In case the unit holdersâ€™ bank account is not eligible for an electronic payment, a Cheque/Demand Draft will be issued and sent to their registered address by SBI MF. Further, unit holders whose distributable amounts are less than Re.1 will not receive any payments.
Please note that the distribution for the unit holders, whose PAN/KYC, FATCA/UBO, Minor through guardian or Transmission details / documentation are not available/ invalid, will be made after completion of the regulatory/ compliance requirements.
Investors are requested to complete these formalities so that payments can be released at the earliest.