Voda-Idea has paid its dues in full against the securities held by mutual funds that matured on Friday 10th July 2020. The total amount received by the fund houses is as follows:
- Franklin Templeton India: Rs 1252 cr.
- UTI Mutual Fund: Rs 166 cr.
- Nippon India Mutual Fund: Rs 121 cr.
The fund houses had side pocketed their exposure to Voda-Idea Limited in January 2020 when several rating agencies had downgraded the debt papers amidst doubt about the company’s ability to honor its obligations of AGR dues to govt.
Investors who held units in debt schemes when the securities were side pocketed will receive all proceeds against the units held in their segregated portfolio.
Fund houses have already received the money on Friday, 9th July 2020. It will be further distributed back to the investors this week, including for Franklin Templeton Mutual Fund.