Sunrise First Mutual Fund's application period extended till Kartik 07, 2076; Scheme issuing 8.5 crore units for general public

Sunrise Capital Limited is issuing a new close-ended mutual fund scheme named “Sunrise First Mutual Fund (SFMF)” worth Rs 1 arba with the maturity of 10 years.

The issue was opened from Ashwin 08, 2076 and the early closing date was set on Ashwin 12, 2076. However, since the issue has not been adequately subscribed the closing date has been extended up to Kartik 07, 2076.

This fund is managed by Sunrise Capital Limited and sponsored by Sunrise Bank limited.

The issue will be of 10 crore units worth Rs 1 arba and per-unit cost is Rs 10.  An investor can apply for a minimum of 100 units and a maximum of 1 crore units.

85% of the total issue i.e. 8.5 crore units is offered for the general public and the remaining 15% is set aside as seed capital for sponsor Sunrise Bank Limited and fund manager Sunrise Capital Limited.

CARE Ratings Nepal Limited (CRNL) has assigned a Fund Management Quality Rating (FMQR) of ‘CARE-NP AMC Quality 3 (AMC 3)’ to Sunrise Capital Limited (SCL). CARE-NP AMC Quality 3 (AMC 3) indicates adequate assurance on management quality of Asset Management Company (AMC).

CRNL has assigned Issuer Rating of CARE-NP A- (Is) to Sunrise Bank Limited (SBL). CARE-NP A- (Is) indicates Issuers with this rating are considered to offer an adequate degree of safety regarding timely servicing of financial obligations in Nepal. Such issuers carry low credit risk.

This is the third mutual fund managed by the Sunrise Capital Limited. Earlier there were 2 fund in the market viz NCM First Mutual Fund 2050 and NCM Mutual Fund 2059.

Also read: Issue of Sunrise First Mutual Fund opens from Ashwin 08, 2076; Information you need before investing