Nabil Investment Banking - fund manager of Nabil Balanced Fund I and a merchant banking subsidiary of Nabil Bank - has allotted its mutual fund units in less than 15 working days of the offering.
It has allotted 75 million units of mutual funds to 20,629 applicants. The mutual fund issue originally offered 60 million units, but following a high number of applications for the mutual fund units priced at Rs 10, the fund manager allotted units worth Rs 750 million as allowed by the Mutual Fund Regulations 2067.
“We are planning to get the units listed at Nepal Stock Exchange within 20 days,” said chief executive of Nabil Investment Pravin Raman Parajuli. The applicants will receive refunds and unit certificates from April 17.
Nabil Bank will work as the sponsor for the mutual fund managed by its merchant banking subsidiary.
This scheme’s portfolio is planned to contain 70 per cent equities and the rest is divided in fixed income instruments such as government securities and fixed deposits.
The objective of the scheme is to balance the risk of the portfolio by investing in a mix of securities. The close-ended scheme of a five-year tenure is expected to provide 18 per cent annual dividend on average to the unit holders.
The second mutual fund — based on Mutual Fund Regulations — in the capital market, was subscribed by four times the size of the offer held between March 20 and 24. In November, 2012, Siddhartha Bank’s merchant banking subsidiary — Siddhartha Capital — had launched Siddhartha Investment Growth Scheme I, which was successfully subscribed and listed at the stock exchange.
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