Sri Lanka pioneer closed-end fund raises Rs1.0bn

Sep 16, 2009 (LBO) – Sri Lanka’s first listed closed-ended fund, NAMAL Acuity Fund had been oversubscribed on the opening day and managers said an option to issue additional units will be exercised. Its managers said Wednesday it will issue 10 million units to raise 500 million rupees.

The firm was planning to issue 10 million shares with an option to issue a further 10 million shares.

The firm said subscriptions will be kept open till 4.30 pm on September 17. The fund is promoted by National Asset Management, a pioneer in open ended mutual funds in Sri Lanka and Acuity Partners, an investment bank.

Corrected – total is