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Kotak Mutual Fund pays pending balance amount to its FMP investors

Kotak Mutual had to withhold at the time of maturity, having entered into a 'standstill' agreement with Essel group promoters

Jash Kriplani 

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Kotak Mutual Fund (MF) has paid the pending balance amount to its fixed maturity plan (FMP) investors, which it had to withhold at the time of maturity, having entered into a ‘standstill’ agreement with Essel group promoters to realise fair value of its investments in the group’s firms. In a note to investors, Kotak MF said: “In early Sept­ember, a portion of invest­ment was realised from the promoters’ stake sale to Invesco Oppenheimer Funds, which was paid to all unitholders. Further, the balance amount (principal + accrued interest) has been realised.” “The proceeds towards full redemption of your balance units have been transferred to your bank account,” the note added.
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First Published: Fri, September 27 2019. 01:26 IST
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