NIC Asia Flexi Cap Fund Oversubscribed Within 4 days; Fund Application Closing Today

NIC Asia Capital Limited has been issuing its closed-end mutual fund scheme "NIC ASIA Flexi CAP Fund" to the general public from 19th Jestha is going to close after banking hours today i.e. on 25th Jestha, 2079. A total of 10,00,00,000 units worth Rs. 100 Crores are being issued at a par value of Rs. 10 per share. An investor can apply for a minimum of 100 units and a maximum of 1 crore units. NIC Asia Capital is the fund manager.

Within four working days i.e. till 24th Jestha, the NIC Asia Flexi Cap Fund unit received more applications than demand. The fund promoter NIC Asia Bank Limited along with fund manager NIC Asia Capital Limited has been allocated 15% of the total units, or 1.50 crore units valued at Rs. 15 crores, while the remaining 8.50 crore units were allocated to the general public. The general public had subscribed for more than 8.50 crore units as of 10 a.m. today, bringing the total subscription to 9.43 crore units. Hence, the application process for the acquisition of these units will be stopped after banking hours today.

In total, 1,01,110 applicants have applied for Rs 109.35 crores so far. Upon oversubscription, the issue can increase its size upto Rs 1.25 arba. 

NIC Asia Flexi Cap Fund is NIC Asia Capital's fourth closed end scheme, with a 7-year maturity. This is a closed-ended plan and the majority of the funds raised will be invested in companies listed on the secondary securities market. During the plan period, it is expected that more than 136 percent of returns will be given to unit holders who invested in the fund.