Nepal Investment Bank Ltd. has received approval from SEBON for its first mutual fund scheme, NIBL Samriddhi Fund -1 on 30 Kartik 2071 (16 November 2014).

NIBL Samriddhi Fund -1 is a closed end fund whose investment objective is to generate maximum returns by investing in a mix of securities comprising of equity, equity related instruments & fixed income instruments as allowed by prevailing rules/regulations on mutual fund. The maturity of the fund is 7 years from the date of allotment.

The corpus of the scheme is Rs. 800 million (Rs. 80 crores) and the amount may reach Rs. 1 billion (Rs. 1 arab) if oversubscribed as allowed by prevailing regulation on mutual fund. The price per unit is Rs. 10. Investors can apply for a minimum of 100 units and a maximum of 80 lakh units (8,000,000 units).

The issue will open on Mangsir 17 (December 3) and close on Mangsir 21 ( December 7) at the earliest if fully subscribed. Forms for the mutual fund can be obtained and submitted at all branches of Nepal Investment Bank Ltd. and also at NIBL Capital Markets Ltd. at Lazimpat, Kathmandu.

Nepal Investment Bank Ltd. is the sponsor of “NIBL Mutual Fund”, and NIBL Capital Markets Limited, a wholly owned subsidiary of Nepal Investment Bank is the Fund Manager & Depository of the fund. Nepal Investment Bank has received ICRANP-IR – A rating, and NIBL Capital Markets Ltd. had received “[ICRANP] AMC Quality 3 (AMC3)” from ICRA Nepal.