NIBL Ace Capital Limited, a subsidiary of Nepal Investment Bank Limited, announced the launch of open ended fund “NIBL Sahabhagita Fund” which is the first open ended fund of the country on June 2. It has been designed under the NIBL mutual fund as the first ever open ended mutual fund scheme after the implementation of the mutual fund regulation, 2067 and Mutual Fund Guidelines 2069 issued by SEBON.
According to the information, the fund has an approved size of Rs. 500 million. Initially, Rs. 125 million will be issued as new fund offer (NFO) to the general public, and Rs. 75 million will be provided to fund sponsor Nepal Investment Bank and NIBL Ace Capital Limited. The investors had to apply for a minimum of 100 units and maximum of 2.5 lakh units at par value of Rs.10 per unit. They can apply through ASBA approved banks from all 77 districts across the country and from MERO share as well. The NFO was open for subscription from June 2 to July 1.
The scheme will invest its fund in the securities that are listed in NEPSE. The fund is managed by the NIBL Ace Capital Limited and will be open for subscription and redemption of units after three months from allotment, initially from the premises of NIBL Ace Capital Limited, Lazimpat, selected branches of NIBL and prescribed distribution agents.