March 2, 2023 | Investopaper
Prabhu Capital Limited has launched its new mutual fund scheme named-‘Prabhu Smart Fund’. The fund manager is selling 8 crore units of the scheme in the public offering (IPO) from Falgun 18, 2079 BS.
If fully subscribed, the public issue will close on Falgun 23, 2079 BS. However, if it remains under-subscribed until that period, the deadline for application will extend until Chaitra 5, 2079 BS.
Securities Board Of Nepal (SEBON) has given the permission to the fund manager on Poush 19, 2079 BS.
The company had submitted the application to the board on Shrawan 25, 2078 BS seeking permission for public issuance. Only after the approval from the SEBON, the mutual fund can issue the units to the public.
The fund manager Prabhu Capital plans to sell 8 crore units of the scheme at a par value of Rs 10 per unit. Hence, the total issue size amounts to Rs 80 crores. The scheme will be operated under ‘Prabhu Mutual Fund’.
Prabhu Bank is the promoter company of the Prabhu Mutual Fund. Hence, the bank along with the fund manager will purchase 15 percent or 1.2 crore units of the scheme as the seed capital. The general public can apply for the remaining 6.8 crore units worth Rs 68 crores.
One can submit the application for a minimum of 100 units and a maximum of 80,00,000 units.
‘Prabhu Smart Fund’ is a closed ended mutual fund scheme. It will be listed and traded in Nepal Stock Exchange (NEPSE).
Investing in a mutual fund can be a good strategy for most investors as it offers decent returns at a low level of risk. Mutual funds are managed by professional experts and provide wide diversification.
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