Kathmandu,
Sept. 9: Nabil Bank has established ‘Nabil Mutual Fund’ with an aim to
introduce various schemes in the Nepalese capital market.
The Nabil
Mutual Fund has been registered with the Securities Board of Nepal (SEBON),
according to a press statement issued by the bank on Friday.
The newly
established Fund has announced the Nabil Equity Fund (NEF) with maturity period
of seven years and corpus amount of Rs. 1 billion.
“The
objective of the scheme is to invest mainly in equity and equity related
instruments followed by certain investments in fixed income instruments. It
will be listed in Nepal Stock Exchange and can be traded like any other
securities till the maturity,” said the company.
Issue of
NEF will open on 18th September, 2016 with an early closure option
of 22nd September in case of over-subscription.
Investors
can invest Rs. 1,000 to Rs. 1 million in the fund.
Nabil Bank
and Nabil Invest will invest 15 per cent of the value of the scheme as seed
capital.
Former
attorney general Prof. Pawal Kumar Ojha, academician Prof. Dr. Bijay Kumar KC,
CA Pushpa Lal Shrestha, former chairman of SEBON Prof. Dr. Shoor Bir Poudyal
and former director of SEBON Binod Babu Kafle will supervise the Equity Fund.
The fund
will be operated by its subsidiary company Nabil Investment Banking Limited
which has been rendering the services of fund manager and depository for the
bank’s earlier scheme called Nabil Balanced Fund I (NBF I).
NBF I had a
net asset value of Rs. 25 per unit on Thursday. “It has paid 14 per cent cash
dividend in the last two fiscal years,” read the statement.
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