Kathmandu,
Siddhartha Mutual Fund’s New Fund
Offer (NFO) — Siddhartha Investment Growth Scheme I — will be opened to general
public starting tomorrow.“Collection centres will start accepting applications
from tomorrow and will be open till Sunday at the earliest,” said CEO of
Siddhartha Capital Dhurba Timilsina.
This is the first mutual fund in
a decade. The opening day of this mutual fund scheme coincides with the closing
of the existing scheme — NCM Mutual Fund.
Nepse suspended NCM Mutual Fund’s
trading from today following the completion of its 10-year tenure.
Siddhartha Capital –– a merchant
banking subsidiary of Siddhartha Bank Ltd — will launch NFO of the close ended
scheme named Siddhartha Investment Growth Scheme I worth Rs 400 million with a
five-year tenure.
A unit of the scheme will be
primarily priced at Rs 10, and according to the Mutual Fund Guidelines 2069, a
single investor has to buy a minimum of 100 units. A single unit holder can
obtain 10 per cent of the offer at maximum. The units will later be listed at
Nepal Stock Exchange for secondary trading.
“The company is planning to allot
the fund units to the applicants within the next 20 days, to start buying the
securities as soon as possible,” pointed out Timilsina.
Siddhartha Capital has appointed
100 collection centres across Nepal. Branches of Siddhartha Bank, Growmore
Merchant Banker, Western Development Bank and Goodwill Finance will work as
collection centres, covering the major cities and towns.The mutual fund is
estimated to offer eight per cent dividend to unit holders in the first year
and
increase the amount in subsequent
years to up to 13 per cent till the end of its tenure, but it can change
depending on market conditions.
source: The Himalayan Times,27 Nov
2012
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