Garima Capital Extends Deadline for ‘Garima Subarna Yojana’ Mutual Fund

Kathmandu — Garima Capital Limited has extended the application deadline for its mutual fund scheme “Garima Subarna Yojana” until Chaitra 12, 2082. The scheme had initially opened for subscription on Falgun 28, 2082, and was scheduled to close on Chaitra 2, 2082, but the deadline was extended after the fund did not receive sufficient applications within the original period.Under the scheme, a total of 10 crore unit shares have been proposed. Out of this, 15 percent (1.5 crore units) have been reserved for the fund sponsor and the scheme manager. Accordingly, 6 percent (60 lakh units) have been allocated to the scheme manager, Garima Capital Limited, while 9 percent (90 lakh units) have been reserved for the fund sponsor, Garima Bikas Bank Limited.In the first phase of the public offering, 5 crore units worth Rs 50 crore have been issued for subscription. The remaining 3.5 crore units worth Rs 35 crore will be offered to the general public and institutional investors.Since Garima Subarna Yojana is an open-ended mutual fund, the remaining units will be made available for continuous purchase and sale through a distribution mechanism determined by the scheme manager in accordance with the provisions of the Collective Investment Fund Regulations.According to data from CDSC, a total of 62,615 applicants have so far applied for 7,08,27,490 units, amounting to approximately Rs 70.82 crore.Under the scheme, investors can apply for a minimum of 100 units and a maximum of 50,00,000 units.