NIBL Pragati Fund allotment of Rs 75 crore concludes; Small & Big Investors allotted 51 % & 17.29% respectively; No lottery

NIBL Pragati Fund has concluded its public issue allotment yesterday at NIBL Capital Markets, Lazimpat. Although the issue was for 6 crore units worth Rs. 60 crores, the fund size was increased by 25% as per SEBON guidelines, since it was oversubscribed 6.5 times. Now, the total fund size becomes Rs 75 crore; 7.5 crore units of Rs 10 face value each. Investors who applied for up to Rs. 50,000 or 5,000 units (small investors) were allotted 51% of the units applied whereas investors who applied for more than Rs. 50,000 (big investors) got 17.12% of the applied units on pro-rata basis. Of the total shares floated, 15% was allotted aside for Nepal Investment Bank Limited and NIBL Capital Markets Limited. Of that 15 percent shares, the mutual fund has allocated 13.33% for Nepal Investment Bank Limited and 1.66% for the NIBL Capital Markets Limited. The remaining 85% shares were allotted to the general public. The results can be checked on ShareSansar's IPO Result Section. NIBL Capital Markets is distributing allotment advice slip and refunding the non-allotted amount from Magh 3, 2073. Applicants should visit the respective collection centers where they had submitted their applications to avail the certificate and refund amount. NIBL Pragati Fund is basically a 7 years closed-end mutual fund scheme. The mutual fund scheme is managed by NIBL Capital, a wholly owned subsidiary of Nepal Investment Bank. Interested people were required to apply for a minimum of 100 units of share and they can apply for up to 60, 00,000 units of shares. Nepal Investment Bank has its first mutual fund scheme, NIBL Samriddhi Fund-1 (NIBSF1) listed in NEPSE.