Dhaka, Bangladesh (BBN)- The Securities and Exchange Commission (SEC) has approved two mutual funds worth BDT 2.0 billion, officials said.
The two issues are National Credit and Commerce Bank Limited (NCCBL) First Mutual Fund and Rupali Life Insurance First Mutual Fund.
The NCCBL First Mutual Fund, a BDT 1.0 billion closed-end mutual fund with a tenure of 10 years, will offer 500 million shares for public subscription and 350 million for private placement.
The NCC Bank, sponsor of the fund, will subscribe units worth BDT 150 million.
Rupali Life Insurance First Mutual Fund, a BDT 1.0 billion closed-end mutual fund with tenure of 10 years, will offer 500 million for public subscription and 300 million for private placement.
Per unit price of each of the two mutual funds will be BDT 10, a SEC official confirmed.
A mutual fund is a professionally managed collective investment scheme that pools money from many investors and invests in stocks, bonds and short-term money market instruments.
BBN/SI/AD-22Sept10-10:32 am (BST)
