NMB Hybrid Fund L-1 to refund excess IPO money from Kartik 17

NMB Hybrid Fund L-1 mutual fund scheme will be refunding excess money collected from investors of the public issue from Kartik 17, 2073. It had floated 8 crore unit shares worth Rs 80 crore as part of its IPO shares. NMB Hybrid Fund L-1 is basically a 7 years close-ended mutual fund scheme. The mutual fund scheme is managed by NMB Capital, a wholly owned subsidiary of NMB Bank. According to an official of NMB Capital, ‘we are trying our best to refund the amount directly in the shareholders’ respective account. Numbers of BFIs have agreed to refund through their banks. However we are yet to finalize whether to directly transfer the excess money of non allottees account or not.” NMB Capital Limited is the issue manager for the IPO. Investors who applied for up to Rs. 50 thousand or 5000 units (small investors) were allotted 83.22% of the shares applied whereas investors who applied for more than Rs. 50 thousand (big investors) got 15.77 percent of the applied shares on pro-rata basis. Of the total 22,078 applicant’s only 214 were invalid applicants.