The company is issuing 100 million units of mutual fund units at a face value of Rs 10 from March 23. Now interested investors can apply for the mutual fund till April 6.
Out of total offered units, the company will issue 50 million units to the general public and the remaining 50 million will be issued simultaneously by the distributors selected by the scheme manager as per the Mutual Fund Guidelines.
Out of 100 million units, the company has allocated 15 percent i.e. 15 million to Kumari Bank, promoter of the scheme. The general public can apply for the remaining 35 million units of mutual fund.
Interested investors can apply for a minimum of 100 units and maximum of 5 million units of shares.
Kumari Mutual Fund is a open ended scheme. The total size of the scheme is Rs 1 billion while its initial size is 500 million. The issue is required to fetch at least 50 percent of applications selling 25 million mutual fund units. If the issue fails to sell the minimum units, the issue will be canceled and the amount will be refunded within 15 days. As per capital, if the issue goes undersubscribed by 50 percent, the remaining units will be sold through SIP.
The company has appointed Kumari Capital as issue manager. The investors can apply from all ASBA approved BFIS.
ICRA Nepal has assigned BBB rating to the issue indicating moderate risk.
