IL&FS Mutual Fund, part of the troubled IL&FS Group, has made on-time redemption of its first debt fund series — IL&FS Infrastructure Debt Fund Series 1-A (IDF) — on Tuesday.
The scheme redeemed Rs. 314 crore to investors on the due date. The five-year close-ended scheme which had raised Rs. 238 crore from various institutional investors, was fully funded in April 2014.
The redemption of the scheme was approved by the board and trustees of IDF and meets all statutory compliances and applicable norms, said the fund house in a statement on Tuesday.
Post the redemption, IDF will continue to have assets under management of Rs. 1,800 crore raised from various investors spread across its remaining seven close-ended schemes.
