NIC Asia Equity Opportunity Fund units oversubscribed in 3 working days
Out of 80 million units of NIC Asia Equity Opportunity Fund, 68 million units were opened for sale, and within 3 working days, applications exceeded demand. The Capital has stated that applications will close after banking hours tomorrow, Ashwin 13.
Kathmandu. Applications for units of the NIC Asia Equity Opportunity Fund have exceeded demand within just 3 working days of issuance.
Of the 80 million units at a price of 10 rupees per unit of the fund managed by NIC Asia Capital as the scheme manager, at least 120,000 units or a minimum of 15 percent of the total sold units have been reserved for the fund promoter NIC Asia Bank, and the remaining 68 million units were opened for sale from Ashwin 7 to Ashwin 13. Since applications have exceeded demand, the Capital has stated that unit purchase applications will be closed after banking hours tomorrow, Wednesday.
As of 5 PM today, applications for the purchase of units worth more than 800 million rupees have been received in this scheme. According to the provisions in the approved prospectus, the size of the scheme can be increased from 800 million rupees to up to 1 billion rupees, so applications for the purchase of units of the scheme can be submitted until banking hours tomorrow, Ashwin 13, according to the Capital.
This is the sixth closed-end scheme with a 10-year maturity period. The scheme manager has stated that most of the funds collected in the scheme will be invested in companies listed on the secondary market of securities.
The Capital has stated that the funds collected in the scheme will be invested in companies with good growth potential and the ability to provide good returns in the future after study and research. For the purchase of units of the scheme, applications can be submitted for a minimum of 100 units and a maximum of 10 million units, and applications can be submitted through the branch offices of all banks and financial institutions participating in the C-ASBA service and CDSC's Mero Share software after obtaining permission from the Nepal Securities Board.
The following can apply for the purchase of units of the scheme:
- Nepali citizens
- Individuals with a Non-Resident Nepali certificate (identity card)
- Nepali firms, associations, banks and financial institutions, insurance companies registered under prevailing laws
- Funds established by any class or group such as provident funds, welfare funds, trusts, endowment funds, etc.