Debt schemes of UTI MF and Nippon India MF received a portion of their due from Altico Capital India, a lender focused on the real estate sector.
“Certain UTI MF schemes received an aggregate amount of Rs 20.50 crores from Altico Capital India and such schemes accounted for their respective portion of such amount,” UTI MF said in a press release.
In September, multiple credit rating agencies downgraded Altico Capital India. Post the downgrade, as mandated by SEBI, UTI MF had to mark down their respective exposures to Altico by 75% on September 13, 2019.
In a note sent to distributors, Nippon India MF said that they have received 6.06% of the total exposure to Altico Capital India on December 30. Nippon India Ultra Short Duration Fund, which had exposure to Altico Capital India enabled side pocketing on September 25 after Altico Capital was downgraded below investment grade by rating agencies.
