Vodafone Idea pays Rs 103 crore interest to Franklin MF

MUMBAI: Vodafone Idea, currently facing tough financial conditions, has paid nearly Rs 103 crore to

Franklin Templeton Mutual Fund

towards payment of interest on one of its

bonds

that the fund house is holding. FTMF on Sunday said that the money received will be distributed to the investors in proportion to their holdings in six schemes that hold

Vodafone Idea

bonds.

FTMF said it has received Rs 65.9 crore in

Ultra Short Bond Fund

, Rs 16.25 crore in Low Duration Fund, Rs 7 crore in Short Term Income Plan, Rs 1.8 crore in Credit Risk Fund, Rs 7.8 crore in Dynamic Accrual Fund and Rs 3.9 crore in Income Opportunities Fund. The bonds of Vodafone Idea were kept in segregated accounts in all these funds since February this year after the telecom major faced a huge financial liability post a Supreme Court verdict on a long-pending case.

Currently, FTMF is also facing rough weather since on April 23 it decided to close down six of its debt schemes. Investors have moved various courts and obtained stays on the fund house’s plan to get permission from all the affected investors to move ahead to liquidate the schemes’ assets.