IL&FS Mutual Fund has made on-time redemption in its first debt fund series, IL&FS Infrastructure Debt Fund Series 1-A, on its due date of April 30. The scheme redeemed ₹314 crore to the investors.
First of series
According to a statement issued by the IL&FS Group, this was the first series of the total of eight schemes in the portfolio that was due for payment on April 30, while the remaining seven schemes have varying maturities, ranging from two years to 12 years, with final maturity in 2031-32. Further, two funds in the same series — IL&FS Infrastructure Debt Fund Series 1B and IL&FS Infrastructure Debt Fund Series 1C — have maturities of seven years (2021) and 10 years (2024) respectively.
Meanwhile, the scheme that matured on Tuesday was a five-year closed ended fund that had raised ₹238 crore from various institutional investors and was fully funded in April 2014.
Post this redemption, IL&FS Mutual Fund will continue to manage total assets under management of around ₹1,800 crore raised from a variety of investors spread across its remaining seven closed ended schemes.
The funds are invested in a diversified portfolio in various sub-sectors within the infrastructure sector, according to the statement.
