Candle Stone Rupali Bank Growth Fund gets BSEC approval

The securities regulator has approved the draft prospectus of Candle Stone Rupali Bank Growth Fund, an open-end mutual fund.

The approval came Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the BSEC approval, initial size of the fund will be Tk 1.0 billion.

Of Tk 1.0 billion, the sponsors will contribute Tk 150 million while the remaining Tk 850 million will be collected from investors through sales of units.

The offer price of the units of Candle Stone Rupali Bank Growth Fund is Tk 10 each. Candle Stone Investments Partners is the sponsor and the fund manager of the open-end mutual fund.

Investment Corporation of Bangladesh (ICB) and BRAC Bank are working as trustee and custodian of the fund respectively.

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