June 9, 2022 | Investopaper
Kumari Capital Limited has launched a new mutual fund scheme named “Kumari Dhanabriddhi Yojana”. The fund manager is currently issuing the units of the scheme from Jestha 12, 2079 BS. The scheme will be closed to the public from Jestha 26, 2079 BS.
Previously, the public offering (IPO) was set to close on Jestha 17, 2079 BS. However, due to under-subscription until that period, the deadline for application was extended.
The close-ended scheme “Kumari Dhanabriddhi Yojana” will operate under the fund “Kumari Mutual Fund”. The fund is planning to issue 12 crores units at a par value of Rs. 10. Hence, the total issue amounts to Rs. 120 crores.
Out of the total public issue, 15 percent or 1.8 crore units of the fund will be purchased by Kumari Bank, the promoter bank of the mutual fund. Hence, the general public can apply for the remaining 10,20,00,000 units.
Interested investors can purchase a minimum of 100 units and a maximum of 1,20,00,000 units.
Securities Board of Nepal (SEBON) has already granted the approval to the fund manager on Baisakh 22, 2079 BS to issue the units to the public. Only after the permission from the regulatory body SEBON, the mutual fund scheme can be floated to the general public.
Kumari Dhanabriddhi Yojana is a close-ended scheme. After the allotment of the scheme, it will be listed and traded on the Nepal stock exchange.