SBI Funds Management (SBI MF) will distribute from Monday the eighth tranche of Rs 985 crore to unitholders of Franklin Templeton Mutual Fund's six shuttered schemes.

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After the payout, the total disbursement will reach to Rs 26,098.2 crore, amounting to 103.5 per cent of assets under management (AUM) as on April 23, 2020, when the fund house announced to shut the schemes, a Franklin Templeton MF spokesperson said on Sunday.

A total of Rs 25,114 crore has been distributed across 6 schemes under winding up.

Under the first disbursement in February, investors received Rs 9,122 crore, while Rs 2,962 crore was paid to investors in April, Rs 2,489 crore in May, Rs 3,205 crore in June, Rs 3,303 crore in July, Rs 2,918 crore in September and Rs 1,115 crore in November.

"SBI Funds Management Pvt Ltd (SBI MF) would be distributing the next tranche of Rs 983.81 crore to unitholders across all six schemes," the spokesperson said.

The payment to all investors whose accounts are KYC compliant with all details available will commence from November 22, he said.

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The amount to be distributed to unitholders will be paid by extinguishing proportionate units at the net asset value dated December 14, this year, he added.

The payment will be made electronically to all eligible unitholders by SBI MF, which has been appointed as the liquidator for the schemes under winding up by the Supreme Court.

In case the unitholders' bank account is not eligible for an electronic payment, a cheque or demand draft will be issued and sent to their registered address by SBI MF.

In March, the Supreme Court accepted the standard operating procedure (SOP) finalised by SBI MF to monetise assets and distribute the proceeds to unitholders of the six debt schemes of Franklin Templeton Mutual Fund.

The fund house shut its six debt mutual fund schemes on April 23, 2020, citing redemption pressures and lack of liquidity in the bond market.

The schemes -- Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund -- together had an estimated more than Rs 25,000 crore as AUM.