Unit Allocation of HLI Large Cap Fund Completed

Himalayan Investment Banker Limited has completed the unit allocation of the HLI Large Cap Fund on September 15.

The scheme, which was open for subscription from September 1 to September 5, received overwhelming applications from the public. Out of the total NPR 4 billion worth of 400 million units issued at a par value of NPR 10 per unit, 50% (NPR 2 billion worth of 200 million units) had been secured for the seed capital by the fund promoter, Himalayan Life Insurance. The remaining minimum NPR 2 billion worth of 200 million units were offered to the general public.

Due to oversubscription during the issue period, the fund was increased to NPR 5 billion worth of 500 million units, and units were allotted proportionally to all applicants who applied in due process, the issue manager Himalayan Investment Banker Limited stated.

This scheme is the company’s first closed-end mutual fund under Himalayan Life Insurance Mutual Fund and will have a tenure of 10 years from the date of allotment.