Citizens Mutual Fund-2 scheme worth 1 arba closing today

June 23, 2019 | Investopaper

The mutual fund scheme ‘Citizens Mutual Fund-2’ will close to the general public from today (Ashad 8, 2076). The issue will remain open until the close of banking hours today.

Citizens Mutual Fund-2 issued 10 crore units ordinary shares worth Rs. 1 Arba from Jestha 9, 2076. It is a 7-year closed-end fund managed by CBIL Capital Limited and sponsored by Citizens Bank International Limited. The face value of a share is Rs. 10.

The issue was set to close on Jestha 13, 2076, if all the units issued, get subscribed. However, due to the under subscription, the closing date was extended to Ashad 8, 2076.

Interested investors can still apply for a minimum of 100 units of share while the maximum application can be made for up to 2 crore units. They can apply through financial institutions providing ASBA facilities or through MeroShare.

As per the current mutual fund regulation, 15% of the total issue will be reserved for the fund manager and fund sponsor. So, the general public will get a share out of 8.50 crore units issued to them.

At current, CBIL Capital is managing Citizens Mutual Fund 1 which is a 5 years close ended fund.


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