Garima Bikas Bank to Launch 'Garima Suvarna Yojana,' Its First Open-End Mutual Fund Scheme

Kathmandu. Garima Bikas Bank Limited is set to launch 'Garima Suvarna Yojana,' its first open-end collective investment fund.

The Securities Board of Nepal has approved the public offering of this scheme, which will operate under Garima Mutual Fund.
The total size of this scheme, for which Garima Bikas Bank Limited is the fund promoter and the bank's subsidiary, Garima Capital Limited, is the scheme manager, amounts to NPR 1 billion.

Following approval from the Securities Board, the bank is now preparing to offer 50 million units to the general public in the first phase.
In this scheme, units worth a total of NPR 500 million will be issued at a rate of NPR 10 per unit, and investors can apply for a minimum of 100 units up to a maximum of 5 million units.

Since this is an open-end scheme, the company stated that investors will have the facility to buy and sell units directly from the scheme manager.
Garima Bikas Bank has already been successfully operating a close-end collective investment fund scheme, 'Garima Samriddhi Yojana,' worth NPR 1.25 billion. Continuing this momentum, the bank is launching a new scheme, as mentioned in the press release issued by the bank's Deputy Chief Executive Officer, Anil Regmi.