HDFC Asset Management Co. Ltd on Wednesday said that it has extended the maturity date of fixed maturity plan (FMP) Series 35 to April 29, 2020, from April 15, 2019.
Citing the reason for the extension, the company said, "Due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields."
The move comes a day after Kotak Asset Management Co. delay repayment of FMP Series 183, maturing on April 10, following troubles recovering investments made in NCDs issued by Essel Group companies, sources told CNBC-TV18.
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Kotak FMP Series 183 has investments in debt securities issued by two Essel Group companies—Edisons Utility Works, Konti Infrapower and Multiventures, IL&FS Transportation Networks, among others.
Sources told CNBC-TV18 that the principal amount has been repaid in full to Kotak AMC investors on all maturing FMPs, along with appreciation so far, and all the realisable investments have been liquidated for payment to investors.
First Published: Apr 11, 2019 2:14 PM IST
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