Rs. 339-crore HDFC Fixed Maturity Plan – 1168 Days – February 2016 (1) was launched on Feb. 3, 2016. It has generated 9.5% CAGR since launch. Subsequent to the latest announcement of the rollover, the scheme shall mature on April 29, 2020. The existing maturity date of the scheme was April 15, 2019.
The reason for roll-over is not stated, but a close study of HDFC Fixed Maturity Plan – 1168 Days – February 2016 (1)’s portfolio shows that it has close to combined 20% exposure in two Essel Group firms.
Holding of HDFC Fixed Maturity Plan – 1168 Days
Almost 10% of HDFC Fixed Maturity Plan – 1168 Days – February 2016 (1)’s money is in debentures of Edisons Infrapower and Multiventures. Another 10% is in debentures of Sprit Infrapower and Multiventures. This means as much as 20% of the Rs 339 crore of FMP money is in these two Essel Group firms.
Essel Group hopes to sell a stake in Zee Entertainment. If the stake sale happens and money comes to Essel, everybody including lenders, goes back home happy with their promised amount. If the stake sale does not fructify by that deadline, lenders and Essel group promoters may have to arrive at a new deadline.
Choice for investors
Rollover will be done by written consent of investors till 5.30pm on April 12. Redeeming investors will be given full principal + interest ex of Zee exposure