NIBL Pragati Fund Initiates Auction of Shares Post Maturity: Lucrative Opportunity for Investors With Minimum Bid Rate at Rs. 100
Mon, Apr 1, 2024 11:37 AM on Latest, Auction, Mutual Fund,
NIBL Pragati Fund (NIBLPF), managed by NIMB Ace Capital Limited, reached its maturity on Poush 26 following the Collective Investment Fund Regulations, 2067, and directives from the Securities Board of Nepal dated Falgun 06.
In accordance with sub-rule (3) of Rule 32 of the Collective Investment Fund Regulation of 2067, the fund is mandated to liquidate its investments and convert them into cash within three months following maturity. Subsequently, the proceeds are to be distributed proportionally among unit owners based on their ownership stakes.
To adhere to this regulatory requirement, the fund will engage in the sale of shares, including bonus shares and right shares. Furthermore, shares with undetermined prices, such as bonus shares and right shares awaiting listing on the Nepal Stock Exchange Limited (NEPSE), are currently being offered for sale via auction starting from the 19th of Chaitra (today) and concluding on the 27th of Chaitra, 2080.
Following instructions received, the fund invites interested parties, including individuals, firms, companies, and associations eligible to purchase the aforementioned shares.
Eligible entities are encouraged to submit secret sealed bid applications. The minimum bid rate is Rs. 100. All bids should be as per the specified conditions and guidelines outlined in the notice and are required to submit their bids at the central office of the bank, conveniently situated in Lazimpat, Kathmandu.
NIMB Ace Capital is the auction manager. Bids will open at the premises of the auction manager on 28th Chaitra, 2080 at 11 AM.
