NIMB Ace Capital Extends ‘NIBL Stable Fund’ Deadline Due to Low Initial Applications

NIMB Ace Capital Limited has decided to extend the deadline for the “NIBL Stable Fund” mutual fund scheme to the general public and institutions until the 16th of Magh, 2080. Originally set to close on the 5th Magh, 2080, the extension was prompted by the scheme’s insufficient applications. Out of a total of 10 crore unit shares, 1% (10 lakh units worth Rs. 1 crore) has been allocated to the scheme manager NIMB Ace Capital Limited, 14% (1.4 crore units worth Rs. 14 crore) to the fund sponsor Nepal Investment Mega Bank Limited, and the remaining 8.5 crore units worth Rs. 85 crore are open for subscription from the general public. The “NIBL Stable Fund” operates as a closed-end fund, allowing applicants to apply for a minimum of 100 units and a maximum of 1,00,00,000 units.

As per the information from the Central Depository System and Clearing Limited (CDSC), the scheme has received applications from 20,264 individuals, amounting to 2,38,16,750 units worth Rs. 23.81 Crore, as of 5 pm yesterday. Currently, “NIBL Mutual Fund” operates four closed-end schemes – “NIBL Pragati Fund,” “NIBL Samriddhi Fund-II,” “NIBL Growth Fund,” and “Mega Mutual Fund 1” – along with one open-ended Mutual Fund Scheme, “NIBL Sahabhagita Fund.” The first scheme under NIBL Mutual Fund, NIBL Samriddhi Fund-I, has successfully completed its operation after 7 years, distributing total cash dividends of 98.50% to unit-holders, equivalent to an approximately 18% effective rate per annum. Notably, NIBL Mutual Fund has introduced the first-ever open-ended mutual fund scheme in Nepal, “NIBL Sahabhagita Fund,” following the Mutual Fund Regulation 2067.