 "UTI MF")
UTI Mutual Fund (MF) has decided to side-pocket exposure to Zee Learn (ZLL) in two of its schemes — UTI Credit Risk Fund and UTI Medium Term Fund — after the company’s debt papers were downgraded to below investment grade on Tuesday.
As of July 6, UTI Credit Risk had 9 per cent (Rs 40.77 crore) of its assets exposed to the Essel Group company. The medium-term fund had 3.02 per cent exposure (Rs 3.4 crore).
CARE Ratings in its note observed according to the structure, ZLL was to pay the obligations related to non-convertible debentures (NCDs) at least 30 days before
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