Siddhartha Capital To Close IPO Of ‘Siddhartha Systematic Investment Scheme’ From Ashad 20
July 4, 2021 | Investopaper
Siddhartha Capital Limited is currently selling units of its new open-ended mutual fund scheme named ‘Siddhartha Systematic Investment Scheme’. The scheme offering is open from Ashad 16, 2078 BS. Due to over-subscription, the issue will close on Ashad 20, 2078 BS. Interested investors can still apply for the units of the scheme until the close of banking hours.
Securities Board Of Nepal (SEBON) provided the approval to the fund manager on Jestha 27, 2078 BS to issue the shares to the general public.
Siddhartha Capital, the fund manager plans to sell 2 crore units of the scheme at a par value of Rs 10 per unit. Hence, the total issue size amounts to Rs 20 crores. The scheme will be operated under ‘Siddhartha Mutual Fund’.
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Siddhartha Bank is the promoter company of the Siddhartha Mutual Fund. Hence, the bank (10%) along with its subsidiary Siddhartha Capital (5%) will purchase 15 percent or 30 lakh units of the scheme. The general public can apply for the remaining 1.70 crore units worth Rs 17 crores.
One can apply for a minimum of 100 units and a maximum of 20 lakh units.
‘Siddhartha Systematic Investment Scheme’ is an open ended scheme. In an open-ended mutual fund, interested investors can purchase or sell the shares in the fund directly from the fund. There is no need to purchase from existing shareholders. The units of the scheme will not be listed and traded in the stock exchange.
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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