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 Janata Bank mutual fund gets nod

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sujana

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Posts : 105
Join date : 2010-05-27

PostSubject: Janata Bank mutual fund gets nod   Thu Jun 10, 2010 5:31 am

Star Business Report

The stockmarket regulator has approved the Tk 200 crore closed-end mutual fund sponsored by Janata Bank.

The Securities and Exchange Commission (SEC) yesterday gave the go-ahead to the fund at a meeting presided over by its Chairman Ziaul Haque Khondker.

Of the Tk 200 crore, Janata Bank will subscribe units worth Tk 50 crore as the sponsor, while of the rest Tk 100 crore will be kept for initial public offering (IPO) and Tk 50 crore for pre-IPO or private placement and other mutual funds.

The face value of each unit of the fund is Tk 10. The market lot will be of 500 units.

Race Asset Management is the manager of the 10-year fund.

A mutual fund is a professionally managed collective investment scheme that pools money from many investors and invests it in stocks, bonds and short-term money market instruments.

Currently, 26 closed-end mutual funds and three open-ended unit funds are being traded on the bourses.
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