Debt Defaults Articles

Debt payback
January 6, 2020
Nippon India Ultra Short Fund gets part-payment from Altico; UTI MF schemes may also benefit

The part recovered amount is 6% of the total exposure of Nippon India Ultra Short Duration Fund to the troubled NBFC Altico Capital

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Ratings downgrade
December 6, 2019
Essel Infra bank loan facilities downgraded to default; Franklin Templeton MF’s 4 debt schemes hit

The 4 debt schemes had Rs 493 crore exposure to debt securities of the infrastructure arm of Essel Group which has undertaken several road projects including State Highways

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Pay back time
September 25, 2019
Essel Group exposure: Kotak Mutual Fund pays remaining redemption proceeds to FMP investors

Full redemption proceeds were not earlier paid to investors in Kotak FMP Series 127, 183, 187, 189, 193 and 194 despite maturity

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mutual funds AUM
September 23, 2019
Reliance MF’s two schemes create side pocket for below-investment grade Reliance Capital exposure

Reliance Capital is a former sponsor company of Reliance MF; Reliance Equity Hybrid Fund and Reliance Equity Savings Fund are the affected funds who created side pockets

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Debt repayment
September 17, 2019
HDFC Mutual Fund’s aggregate market value of outstanding exposure to Essel group falls 47% to Rs 383.6 cr

HDFC Credit Risk Fund’s aggregate market value of the outstanding exposure to Essel is now Rs 144 crore compared to Rs 271.5 crore earlier

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side pocketing in mutual funds
September 16, 2019
Post-Altico default, Reliance Ultra Short Duration Fund suspends subscriptions, to create side pocket

Side pocket to be effective from Sept 25; upon recovery of any money from the segregated portfolio, it will be immediately distributed to the investors in proportion to their holding

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Debt repayment
August 2, 2019
Aditya Birla MF says the positive impact of Essel/Zee situation to flow in next couple of months

The fund-house has the highest exposure to Essel/Zee group at over Rs 2,500 crore

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ABSL debt funds plan
July 13, 2019
Relief for Aditya Birla MF as IL&FS entity Jharkhand Road Projects moves to “Green” status

Moving to the “Green” category means, the company will be able to meet all payment obligations, which is a big positive for mutual funds exposed to the company

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Reliance MF U turn
June 29, 2019
Reliance MF withdraws earlier note, says maturity of Reliance Home Finance NCDs is extended to Oct 31; no mention of principal payment default

Markdown in 19 schemes intact with the approximate impact on NAV ranging from 0.48% to 2.15%

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