Citizens Mutual Fund - 1 (CMF1) has concluded its public issue allotment yesterday Sunday 4th March 2018 (20th Falgun 2074). The mutual fund was issued to general public for about a month starting from Tuesday 16th January (2nd Magh 2074) to Wednesday 14th February 2018 (3rd Falgun 2074).
According to CBIL Capital Limited, the issue and fund manager of the Citizens Mutual Fund, out of the total 17,312 applicants, 17,277 applicants have been allotted with the units they have demanded and only 35 applicants have been found invalid due to reasons such as multiple applications and/or applications for less than 100 units.
Although Citizens Mutual Fund had floated its public issue of 10 crore unit shares worth Rs 1 arba at face value of Rs 10 per unit, the fund size was decreased to Rs 82 crore following undersubscription of the shares even though the deadline was extended twice.
Under the current regulation, 15% units i.e. 1.50 crore units were allotted to the sponsoring and promoting institutions, CZBIL and CBIL Capital and the remaining 85% units i.e. 6.7 crore units were allotted to the general public.
Citizen Mutual Fund is CBIL Capital’s first mutual fund scheme, and is a 7-years closed-end fund. The scheme will be managed by CBIL Capital Limited with Citizens Bank International Limited (CZBIL) as the fund sponsor.
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