NIBL Pragati Fund public issue amassed Rs 32.40 crore from 4700 applicants till second day

NIBL Pragati Fund has been floating its public issue of 6 crore unit shares worth Rs 60 crore from Mangsir 16, 2073. Today is the third day of the public issue. Mr. Badri Pyakhurel, Merchant Banking head of NIBL Capital Markets Limited said, “The total collection of the public issue has reached to Rs 32 crore 40 lakh till second day. Around 4700 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. The offer will close on Mangsir 20, 2073 (tomorrow). 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. There are altogether nine mutual fund scheme of which seven are listed in Nepal Stock Exchange Limited (NEPSE) at present. They are Siddhartha Investment Growth Scheme-1 (SIGS1) worth Rs 50 crore, Siddhartha Equity Oriented Scheme (SEOS) worth 100 crore, Laxmi Value Fund-1 (LVF1) worth Rs 50 crore, Nabil Balanced Fund-1 (NBF1) worth 75 crore , NIBL Samriddhi Fund-1 (NIBSF1) worth Rs 100 crore, NMB Sulav Investment Fund-1 (NMBSF1) worth Rs 75 crore and Global IME Sammunati Scheme-1 worth Rs 80 crore. Recently, NMB Hybrid Fund L-1 and Nabil Equity Fund-1 had floated public issue worth Rs 80 crore and Rs 1 arba respectively.