Last day to grab public issue worth Rs 60 crore shares of NIBL Pragati Fund; already collected Rs 83.90 crore from 11,300 applicants till third day

NIBL Pragati Fund has been floating public issue of 6 crore unit shares worth Rs 60 crore from Mangsir 16, 2073. Today is the last day of the public issue as per the notice published by the company . The issue has been oversubscribed by 1.64 times till third day. Mr. Badri Pyakhurel, Merchant Banking head of NIBL Capital Markets Limited said, “The total collection of the public issue has reached to Rs 83 crore 90 lakh till third day. Around 11,300 application forms were received.” NIBL Pragati Fund is basically a 7 years closed-end mutual fund scheme. The mutual fund scheme will be managed by NIBL Capital, a wholly owned subsidiary of Nepal Investment Bank. Interested people must apply for a minimum of 100 units of share and they can apply for up to 60, 00,000 units of shares. The mutual fund company will be issuing a total 6 crore units of ordinary shares worth Rs 60 crore at face value of Rs 10. Of the total units of share floated 15% has been set aside for Nepal Investment Bank Limited and NIBL Capital Markets Limited. Of that 15 percent shares, the company has allocated 13.33% for Nepal Investment Bank Limited i.e. 80 lakh unit shares and 1.66% for the NIBL Capital Markets Limited i.e. 10 lakhs  unit  shares and remaining 5 crore 10 lakhs units for general public. The issue manager for the public issue is NIBL Capital Markets Limited. Nepal Investment Bank has its first mutual fund scheme, NIBL Samriddhi Fund-1 (NIBSF1) listed in NEPSE.  The last traded price of NIBSF1 is Rs 12.45 per unit as of November 23 2016. The current Net Asset Value of NIBSF1 is at Rs 16.1 as on the report based on Ashwin end.