Kathmandu. Citizens Capital Limited is going to open the issue and sale of ‘Citizens Super 50’, a closed-based scheme under Citizens Mutual Fund, from November 17. The company is going to sell 100 million units at a face value of Rs 10 per unit.

The total size of the scheme is Rs 1 billion. Out of the total units to be issued, a minimum of 1.5 crore units, i.e., 15 percent of the total number of units sold, has been reserved for the promoter Citizens Bank International Limited. The general public can apply for the remaining 8.5 crore units.

In Citizens Super 50, investors have to apply for a minimum of 100 units. Applications can be made up to a maximum of 1 crore units.

The issuance and sale of the scheme will close on November 22. If the application is not received by that period, the release period will be extended till November 30.

Under the Citizens Super 50 scheme, a minimum of 50 percent i.e. 50 million units should be sold. If applications are made for less than that, the scheme will be canceled. In such a case, the process of refunding the applicant’s amount will be started within 15 days, according to Capital.

This scheme is a closed-faced mutual fund for a period of 10 years. Citizens Capital Limited is the issue and sale manager of Citizens Super 50.

The interested bidders can apply for the shares through ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branch offices.