Nepal Life opens ‘Samriddhi Investment Plan’ for public & founders

KATHMANDU: Nepal’s most trusted life insurance company, Nepal Life Insurance Company Limited, as the fund promoter, along with Nepal Life Capital Limited as the plan manager, has launched the “Nepal Life Samriddhi Lagani Yojana (Nepal Life Samriddhi Investment Plan)” for the general public and founding investors, starting Magh 4 (Jan 18).

The collective investment fund, approved by the Securities Board of Nepal (SEBON) on Magh 13, 2082, has a total capital of Rs 1.6 billion divided into 16 crore units at a face value of Rs 10 per unit.

Out of this, 15% of units are reserved as seed capital: 14% (2.24 crore units) for the fund promoter, Nepal Life Insurance Company, and 1% (16 lakh units) for the plan manager, Nepal Life Capital Limited.

The remaining 13.6 crore units are now open for public subscription.

Investors can apply for a minimum of 100 units and a maximum of 1.6 crore units. This is the first closed-end scheme under the Nepal Life Mutual Fund, with a ten-year tenure from the date of unit allocation.

Applications can be submitted until Magh 8 (Jan 22) through authorized banks and financial institutions approved by SEBON, as well as via the “Mero Share” online platform operated by CDS and Clearing Limited using the SAHWA system.

In the fund’s pre-issuance rating, ICRA Nepal Limited assigned the fund promoter a rating of [ICRANP-IR] AA- (“High degree of safety regarding timely servicing of financial obligation”) and the plan manager a rating of [ICRANP] AMC Quality 3 (AMC3) (“Adequate assurance on management quality”).