NIC Asia Equity Opportunity Fund Allotment Concluded with 25% Oversubscription
NIC Asia Equity Opportunity Fund, the sixth closed-end mutual fund scheme managed by NIC Asia Capital, has concluded its allotment after receiving applications for 8.74 crore units, 1.29 times the offered amount. Due to strong investor demand, the fund size was increased by 25% from Rs 80 crore to Rs 1 arba.
NIC Asia Equity Opportunity Fund, the sixth closed-end mutual fund scheme managed by NIC Asia Capital, has concluded its allotment after increasing its fund size from Rs 80 crore to Rs 1 arba following strong investor demand.
The scheme had initially offered 8 crore units at a face value of Rs 10 each, with 15% or 1.2 crore units reserved as seed capital for promoter NIC Asia Bank. The remaining 6.8 crore units were offered to the public.
The issue, opened from Ashwin 7, 2083, was scheduled to remain open until Ashwin 21 but was closed early on Ashwin 13 after receiving applications for 8.74 crore units, or 1.29 times the units offered.
A total of 41,189 applicants applied for the units. After the rejection of applications for 6,200 units from 47 applicants, valid applications remained from 41,143 applicants, representing applications worth approximately Rs 102.44 crore.
Due to the oversubscription, the fund size was increased by 25% to Rs 1 arba, in accordance with the approved scheme provisions. Applicants seeking 100 units to 30 lakh units were allotted units as requested, while applicants seeking 40 lakh to 50 lakh units received 3,89,052.5 units each.