Nepal Investment Bank Ltd (NIBL) has received approval from SEBON for its first mutual fund scheme, NIBL Samriddhi Fund-1 recently. It is a close end balanced scheme fund whose investment objective is to generate maximum returns by investing in a mix of securities comprising of equity, equity related instruments and fixed income instruments as allowed by prevailing regulations on mutual fund.

Maturity of the fund is seven years from date of allotment. The corpus of the scheme is Rs 800 million and the amount may reach Rs one billion if oversubscribed as allowed by prevailing rules and regulations. The price per unit is

Rs 10. Investors can apply for a minimum of 100 units and a maximum of eight million units, as per press statement. The issue will open on December 3 and close on December 7 at the earliest if fully subscribed," reports media.