Along with Kotak MF, FMPs from Reliance MF and HDFC MF too have exposure to Zee Group backed - Konti Infrapower & Multiventures Pvt. Ltd. and Edisons Utility Works Pvt.Ltd. An analysis of monthly portfolio disclosure shows that both Reliance and HDFC have seven schemes each with exposure to these securities.
After Kotak MF limited payouts for two FMPs which had exposure to these securities, HDFC MF has offered investors an option to rollover its HDFC FMP 1168D February 2016 (1) maturing on April 15, 2019.
The scheme has 9.98% exposure to Edisons Utility Works Pvt.Ltd. In addition, the scheme also has 9.66% exposure to Sprit Infrapower & Multiventures Pvt. Ltd. This bond is also secured with shares of Zee Entertainment Enterprise Ltd. & Dish TV Ltd. as per the March 2019 portfolio uploaded on HDFC MF website.
SEBI rule allows fund houses to roll over their close ended schemes if they get investors consent. Investors who do not want to continue with the scheme can redeem their investments at the prevailing NAV. However, AMCs need to maintain 20-25 rule (minimum of Rs.20 crore and 25 investors). Investors have to send a written consent to the fund house if they wish to remain invested in a fund, which is getting rolled over.
Two other FMPs of HDFC MF (HDFC FMP 1148D February 2016 (2) and HDFC FMP 1140D March 2016 (1)) are also maturing in April. These two schemes also have exposure to Sprit Infrapower & Multiventures Pvt. Ltd. and Edisons Infrapower & Multiventures Pvt. Ltd.
Meanwhile, all FMPs of Reliance MF having exposure to Konti Infrapower & Multiventures Pvt. Ltd. and Edisons Utility Works Pvt.Ltd. are maturing in June and July 2019.
Schemes other than Kotak MF having exposure to Konti and/or Edisons
|
Scheme |
Maturity Date |
Exposure as on March 2019 |
|
RELIANCE FIXED HORIZON FUND - XXIX - SERIES 18 |
5-Jun-19 |
9.45 |
|
RELIANCE FIXED HORIZON FUND - XXX - SERIES 3 |
10-Jun-19 |
12.9 |
|
RELIANCE FIXED HORIZON FUND - XXX - SERIES 8 |
5-Jun-19 |
14.71 |
|
RELIANCE FIXED HORIZON FUND - XXX - SERIES 11 |
5-Jun-19 |
14.13 |
|
RELIANCE FIXED HORIZON FUND - XXX - SERIES 18 |
5-Jun-19 |
6.93 |
|
RELIANCE FIXED HORIZON FUND - XXX - SERIES 20 |
11-Jun-19 |
5.95 |
|
RELIANCE FIXED HORIZON FUND - XXXI - SERIES 4 |
15-Jul-19 |
1.42 |
|
HDFC FMP 1111D September 2016 (1) |
30-Sep-19 |
5.19 |
|
HDFC FMP 1148D February 2016 (2) |
25-Apr-19 |
10.91 |
|
HDFC FMP 1153D April 2016 (1) |
1-Jul-19 |
7.05 |
|
HDFC FMP 1140D March 2016 (1) |
30-Apr-19 |
9.13 |
|
HDFC FMP 1127D May 2016 (1) |
1-Jul-19 |
1.11 |
|
HDFC FMP 1168D February 2016 (1) |
15-Apr-19 |
9.98 |
|
HDFC FMP 1190D March 2016 (1) |
25-Jun-19 |
6.78 |
Source: Fund house website – monthly portfolio data and value research for maturity date
Overall exposure of the mutual fund industry to Essel group backed bonds stood at Rs. 8,002 crore as on December 2019 as per Morningstar data.
AMC Holding (Rs. Crore) as on December 2019
|
AMC |
FMP |
Open Ended |
Total |
|
Aditya Birla Sun Life |
77 |
2,859 |
2,936 |
|
Baroda |
- |
507 |
507 |
|
DHFL Pramerica |
7 |
39 |
46 |
|
Franklin Templeton |
- |
1,009 |
1,009 |
|
HDFC |
902 |
294 |
1,196 |
|
ICICI Prudential |
121 |
745 |
866 |
|
Kotak |
381 |
66 |
447 |
|
Reliance |
185 |
239 |
424 |
|
SBI |
- |
477 |
477 |
|
UTI |
- |
93 |
93 |
|
Grand Total |
1,673 |
6,329 |
8,002 |
Source: Morningstar
List of Essel Group backed bonds as on December 2019
|
Security |
Total Holding (Rs. Crore) |
|
Adilink Infra & Multitrading Private Limited |
1,075 |
|
ARM Infra & Utilities Private Limited |
427 |
|
Asian Satellite Broadcast Private Limited |
234 |
|
Bioscope Cinemas Private Limited |
278 |
|
Continental Drug Company Private Limited (Konti Infrapower & Multiventures) |
350 |
|
Cyquator Media Services Private Limited |
299 |
|
Edisons Utility Works Private Limited |
494 |
|
Essel Corporate Resources Private Limited |
760 |
|
Essel Infraprojects Limited |
638 |
|
Essel Lucknow Raebareli Toll Roads Limited |
290 |
|
ESSEL PROPACK LIMITED |
49 |
|
Jay Properties Private Limited |
276 |
|
Prime Publishing Private Limited (Primat Infrapower & Multiventures Pvt. Ltd) |
391 |
|
Pri-Media Services Private Limited |
371 |
|
Sprit Textiles Private Limited |
1,976 |
|
ZEE Learn Limited |
93 |
|
Grand Total |
8,002 |
Source: Morningstar
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