NIC Asia Equity Opportunity Fund Size Increased to Rs. 1 Billion Amid Strong Demand

NIC Asia Equity Opportunity Fund, the sixth closed-end mutual fund scheme managed by NIC Asia Capital, has increased its fund size from Rs. 80 crore to Rs. 1 arba following strong demand from investors. The scheme initially offered 8 crore units at a face value of Rs. 10 each, with 15% or 1.2 crore units reserved as seed capital for promoter NIC Asia Bank, while the remaining 6.8 crore units were offered to the general public. The issue opened on Ashwin 7, 2083, and was originally scheduled to remain open until Ashwin 21. However, it was closed early on Ashwin 13 after receiving applications for 8.74 crore units, equivalent to 1.29 times the units offered. A total of 41,189 applicants submitted applications, while applications for 6,200 units from 47 applicants were rejected. Following the rejection, valid applications remained from 41,143 applicants, representing approximately Rs. 102.44 crore in demand. Due to the oversubscription, the fund size was increased by 25% to Rs. 1 arba in accordance with the approved scheme provisions. Applicants seeking between 100 units and 30 lakh units were allotted the number of units they had applied for, while applicants seeking 40 lakh to 50 lakh units were allotted 3,89,052.5 units each.