Kathmandu. The unit of HLI Large Cap Fund operating under Himalayan Life Insurance Mutual Fund is going to open for issue and sale from Today. Himalayan Investment Banker Limited, a subsidiary of Himalayan Life Insurance, is going to launch its first closed plan HLI Large Cap Fund. Out of 400 million units worth Rs 4 billion at a face value of Rs 10 per unit, 50 per cent i.e. 2 million units worth Rs 2 billion will be reserved for fund promoter Himalayan Life Insurance and the remaining 200 million units worth a minimum of Rs 2 billion will be issued to the general public.
Applicants will have to apply for a minimum of 100 units and a maximum of 40 million units.
Applications can be submitted to the fund’s unit till September 30. If there are not enough applications at that time, the application deadline can be extended till September 15.
The scheme, which will be operated under Himalayan Life Insurance Mutual Fund, has a tenure of 10 years from the date of unit allotment.
If an application is received to purchase at least 50 percent i.e. 200 million units within the period of application being open for sale and the extended period by the board, the unit can be allotted. And if the minimum number of units are not sold, the payment process will be started to cancel the scheme and return the amount to the applicants within 15 days.
Infomerics Credit Rating Nepal has given IRN A+ issuer rating to the fund promoter and IRN AMC Quality 3 rating to the plan manager.
Himalayan Investment Banker Limited is the issue manager of the scheme. Investors can apply from banks and financial institutions and their branch offices participating in the ashwa service after obtaining permission from the Securities Board of Nepal. Apart from this, they can also apply through C-ASBA system using software Mero Share online developed by CDS and Clearing Limited.
