Franklin Templeton Trustees appoint Kotak Mahindra Bank to assist in the monetization of assets in the six schemes being wound up

Mumbai, May 21, 2020 –Franklin Templeton Trustee Services Pvt. Ltd., as advised by SEBI pending unitholder vote, and as desired by the Trustees for the duration of the winding up period, today announced the appointment of an independent advisor to work together with Franklin Templeton Asset Management (India) Pvt. Ltd (the AMC), to assist the Trustees in monetizing portfolios of the six schemes that are being wound up.

The Trustees have appointed Kotak Mahindra Bank, who, through its Debt Capital Markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up. These actions will be limited to the below-mentioned schemes.

·         Franklin India Low Duration Fund

·         Franklin India Dynamic Accrual Fund

·         Franklin India Credit Risk Fund

·         Franklin India Short Term Income Plan

·         Franklin India Ultra Short Bond Fund

·         Franklin India Income Opportunities Fund

The Trustees of Franklin Templeton Mutual Fund are pleased that Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience will, wherever required, act as their agent and provide its independent advice and assistance to the Trustees through the entire process. Their appointment will provide the Trustees with the added experience and ability to monetize assets at the earliest possible time.

Sanjay Sapre, President, Franklin Templeton – India, said, “Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time, and we will partner with the Board of Trustees and Kotak Mahindra Bank to ensure an efficient wind-up of these schemes, while preserving maximum value for our investors. Franklin Templeton has a long history of over 25 years in India and the firm remains fully committed to our clients and our business in India.”

Sujata Guhathakurta, President – Debt Capital Markets, Kotak Mahindra Bank Limited, said, “Kotak Mahindra Bank is pleased to take on this assignment and is looking forward to working closely with the Trustees and the AMC to assist them in wind-up of these schemes.”

City Today News

(citytoday.media)

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