NRN Development Fund registered to issue IPO

Kathmandu, March 31

The Non-Resident Nepal Association (NRNA) has registered a company called NRN Development Fund to issue IPO to the general public.

Kumar Pant, president of the Non-Resident Nepali Association, said that the fund was registered at the company registrar’s office on Chaitra 17. The company has 5 percent investment from government and a commitment of Rs. 2 arba has already been made and that commitment will be start from this week, said the Chairman Pant.

He said that the company’s aim is to invest Rs 10 arba in Nepal’s enterprise and infrastructure sector. Stating that it has come up with a plan to issue primary shares (IPO) targeting non-resident Nepalis for 85 percent investment, Chairman Panta expect 10 lakh Nepalis to participate in this IPO. “Workers, businessmen and professionals from all over the world will be able to reap economic benefits by investing in Nepal’s development and prosperity,” Pant said.