May 3, 2023 | Investopaper
CBIL Capital Limited has launched a new mutual fund scheme named “Citizens Super 30 Mutual Fund”.
The fund manager is currently issuing 10 crore units of the scheme to the general public from Baisakh 6, 2080 BS. The public offering will close on Baisakh 20, 2080 BS. If fully subscribed, the issue was set to close on Baisakh 10, 2080 BS. However, due to under-subscription until that period, the deadline for application was extended.
CBIL Capital had received approval from the Securities Board of Nepal (SEBON) on Chaitra 5, 2079 BS for the public issuance. The fund manager had submitted the application to board on Bhadra 15, 2078 BS. seeking permission to issue units of the mutual fund scheme. Only after the permission from the regulatory body SEBON, the mutual fund scheme can be floated to the general public.
The close-ended scheme “Citizens Super 30 Mutual Fund” will operate under the fund “Citizens Mutual Fund”. The fund manager is planning to issue 10 crores units at a par value of Rs. 10. Hence, the total issue amounts to Rs. 100 crores.
Out of the total public issue, 15 percent or 1.5 crore units of the fund will be purchased by Citizens Bank International, the promoter bank of the mutual fund. Hence, the general public can apply for the remaining 8.5 crore units worth Rs. 85 crores.
One can subscribe for a minimum of 100 units and a maximum of 1 crore units.
After the allotment of the scheme, it will be listed and traded on the stock exchange.