7.44 Crore Units of Kumari Sabal Yojana Now Listed in NEPSE

Tue, Mar 19, 2024 11:20 AM on Latest, IPO/FPO News, Mutual Fund, Share Listed,

7,44,75,070 units of Kumari Sabal Yojana (KSY) have been listed in NEPSE.

The application window for the offering opened on the 28th of Magh and closed on the 13th of Falgun, 2080, at the close of banking hours.

"Kumari Sabal Yojana" operates as a closed-end fund, enabling trading on NEPSE with a maturity period of 10 years. Originally issuing 10 crore units, the offering underwent resizing due to a lower-than-anticipated number of applicants.

1% of the units, equivalent to 10 lakh units valued at Rs. 1 crore, were allocated to fund sponsor Kumari Capital Limited, while 14% of the units, amounting to 1.4 crore units worth Rs. 14 crore, were allocated to fund sponsor Kumari Bank Limited. The remaining 8.5 crore units, valued at Rs. 85 crore, were earmarked for issuance to the general public.

According to the issue manager, a total of 29,160 applications were received. Out of these, 29,134 valid applicants were successfully allotted their requested units in full. However, 26 applications were rejected due to the identification of duplicate submissions during the scrutiny phase. The final subscription tally reflected applications for 7.44 crore units, resulting in the fund manager reducing the fund's size to Rs. 74.47 crores to accommodate the subscribed amount.