Kathmandu. Citizens Capital Limited is going to issue Citizens Super 50 under Citizens Mutual Fund from November 17. The company is going to issue 100 million units of face value of Rs 10 per unit.
Out of this, a minimum of 1.5 crore units or 15 per cent of the total number of units sold has been reserved for the fund promoter Citizens Bank. The general public can apply for the remaining 8.5 crore units.
Applications can be made for units of the fund by November 22 at the earliest, and if the full application is not received by that period, the issue period will be extended till November 30. Investors have to apply for a minimum of 100 units and a maximum of 1 crore units.
This scheme, which operates under the Citizens Mutual Fund, is a closed-end scheme. The total size of the scheme is Rs 1 billion. A minimum of 50 percent i.e. 50 million units will have to be sold in this issue. If the application for less than this unit is received, the scheme will be cancelled and the process of refund of the applicants will be started within 15 days. Its tenure is 10 years.
Citizens Capital Limited is the issue manager for the issue. Investors can apply from all ASBA member banks and financial institutions approved by the Securities Board of Nepal and their designated branch offices.
